“Transfer” and “revocable transfer” defined
[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.]
For the purposes of sections 96 and 97, and this section,—
- (a) “transfer” includes any settlement, trust, covenant, agreement or arrangement;
- (b) a transfer shall be considered to be revocable, if––
- (i) it contains any provision for the direct or indirect re-transfer 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.
