Which of the following is the time limit given under Section 17 of the Transfer of Property Act, 1882?
Explanation & Strategy
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Section 17 deals with restrictions on accumulation of income from transferred property. The 18-year period is one of the two time limits (the other being the transferor's lifetime). The direction is void to the extent it exceeds the longer of these two periods.
The text reads: Section 17(1): Accumulation direction void if it exceeds the longer of: (a) life of the transferor, or (b) 18 years from the date of transfer.