Section 63Central Act

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

The 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.

Sec 62 — Transfer irrevocable for a specified period

Sec 64 — Income of individual to include income of spouse, minor child, etc

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