law: The Income-Tax Act, 1961
  Chapter V
  Income of Other Persons, Included in Assessee's Total Income
  60. Transfer of income where there is no transfer of assets.-
  All income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of the assets from which the income arises, be chargeable to income-tax as the income of the transferor and shall be included in his total income.