Rule 105: Penalty if employee assigns or charges interest in fund

The Income-tax Rules, 1962Central Act · 1962

Penalty if employee assigns or charges interest in fund.

If an employee assigns or creates a charge upon his beneficial interest in a fund, the Assessing Officer shall give notice to the employee that if he does not secure the cancellation of the assignment or charge within two months of the date of receipt of the notice, the consideration received for such assignment or charge shall be deemed to be income received by him in the previous year in which the fact became known to the Assessing Officer and shall be assessed accordingly.

Where this provision sits

Act	The Income-tax Rules, 1962
Rule	105
Marginal note	Penalty if employee assigns or charges interest in fund
Jurisdiction	Central
Status	In force as published by the source

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