2025Section 98

98. "Transfer" and "revocable transfer" defined.

In the 1961 Act1 match · Unreviewed

From the Income Tax Department's correspondence.

For the purposes of sections 96 and 97, and this section,—

(a) "transfer" includes any settlement, trust, covenant, agreement or arrangement;

(b) a transfer shall be deemed to be revocable, if—

(i) it contains any provision for the direct or indirect re-transfer 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.

Income-tax Act, 2025: text as on 25 August 2026 · Official source ↗ ·