Income-tax Act, 1961 · Chapter V: Income of Other Persons, Included in Assessee‘S Total Income
Section 63: —Transfer‖ and —revocable transfer‖ defined
The Income-tax Act, 1961 was repealed by the Income-tax Act, 2025 from 1 April 2026. The text is kept here because the judgments below apply it.
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.
Source: India Code (Legislative Department), the text of the Act as it stood before its repeal. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.