Income Tax Act, 1961
Section 63- “TRANSFER” AND “REVOCABLE TRANSFER” DEFINED.
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