Income-tax Act, 1961

Section - 63 - â€œTransferâ€ and â€œrevocable transferâ€ defined

"Transfer" and "revocable transfer" defined.

63. 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)

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