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Section 63 – Income Tax Act, 1961

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

 

 

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Income Tax Act, 1961 

 

Indian Laws – Bare Acts

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