IT Act 63Chapter V · Income Of Other Persons, Included In Assessee's Total Income

Section 63 · "Transfer" and "revocable transfer" defined

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- 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.

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