Definition of term "Revocable transfer" - Section 63 - Income Tax - Ready Reckoner - Income Tax

Definition of term Revocable transfer - Section 63 For the purposes of sections 60 , 61 and 62 and of this section. Transfer shall be deemed to be revocable if: it contains provision of re-transfer , directly or indirectly of the whole or any part of the income or assets to the transferor, during the lifetime of the beneficiary or the transferee as the case may be, or it gives the transferor a right to re-assume power, directly or indirectly over the whole or any part of the income or assets during the lifetime of the beneficiary or the transferee as the case may be. Note: 'Transfer' includes any settlement, trust covenant, agreement or arrangement.