Single layer of Fe, bi- and tri-layers of C60/Fe are grown on MgO (001) substrate using DC magnetron sputtering and thermal evaporation for Fe and C60, respectively. The samples exhibit both uniaxial and cubic anisotropies. Hysteresis loops and domain images measured by Kerr microscopy reveal strong effect of C60 on the magnetization reversal mechanism of Fe. Preliminary fits of polarized neutron reflectivity data for C60/Fe bilayer indicate spin polarized charge transfer at the interface by inducing magnetic moment of Fe in C60 upto a few monolayers. However, the quantification of the magnetic moment in C60 and the change in magnetization reversal process of the systems are yet to be explained.We would like to i)quantify the transverse component in the system ii)determine the induced magnetic moment in C60 at the interface between Fe and C60 layer.