Explanation:

- Revenue Receipt: This is income that is earned from the club's normal activities, such as membership fees or service charges. These are recurring and directly related to the club's operations.

- Capital Receipt: This includes non-recurring income, typically through the sale of fixed assets or large contributions, like life membership fees. These are not related to normal operational activities but improve the financial position.

- A and B both: This option suggests that the fee could be considered both a revenue and a capital receipt, which is not typical for life membership fees.

- None of the above: This would imply that none of the given options fit the nature of the fee.

Capital Receipt is correct for life membership fees, as they are a one-time income, enhancing financial stability.