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1961Section 63

63. "Transfer" and "revocable transfer" defined.

In the 2025 Act1 match · Unreviewed

From the Income Tax Department's correspondence.

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.

Income-tax Act, 1961: text as on 22 May 2026 · Official source ↗ ·