Section 63 - Transfer and revocable transfer defined - Income-tax Act, 1961

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 ) transfer includes any settlement, trust, covenant, agreement or arrangement.