Section 63 of Income Tax Act 1961- “Transfer” And “Revocable Transfer” Defined

Section 63 of Income Tax Act 1961- "Transfer" And "Revocable Transfer" Defined:

For the purposes of sections 60, 61 and 62 and of this section, -

(a) A transfer shall be deemed to be revocable if -

(i) It contains any provision for the re-transfer directly or indirectly of the whole or any part of the income or assets to the transferor, or

(ii) It, in any way, gives the transferor a right to re-assume power directly or indirectly over the whole or any part of the income or assets;

(b) "Transfer" includes any settlement, trust, covenant, agreement or arrangement