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What is the meaning of Transfer irrevocable for a specified period? How Transfer and revocable transfer defined? Section 62 and 63 of Income Tax Act 1961

Transfer irrevocable for a specified period and Transfer and revocable transfer defined are defined under section 62 and 63 of Income Tax Act 1961. Provisions under these Sections are:

Section 62 of Income Tax Act "Transfer irrevocable for a specified period"

Section 62. (1) The provisions of section 61 shall not apply to any income arising to any person by virtue of a transfer-
(i) by way of trust which is not revocable during the lifetime of the beneficiary, and, in the case of any other transfer, which is not revocable during the lifetime of the transferee; or

(ii) made before the 1st day of April, 1961, which is not revocable for a period exceeding six years :

 

Provided that the transferor derives no direct or indirect benefit from such income in either case.

(2) Notwithstanding anything contained in sub-section (1), all income arising to any person by virtue of any such transfer shall be chargeable to income-tax as the income of the transferor as and when the power to revoke the transfer arises, and shall then be included in his total income.

Section 63 of Income Tax Act "Transfer" and "revocable transfer" defined"

Section 63. 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.

Income Tax Act 1961

What is the Meaning of adjusted cost of improvement and cost of acquisition? Section 55 of Income Tax Act 1961

What is Reference to Valuation Officer? Section 55A of Income Tax Act 1961

What is Income from other sources? Section 56 of Income Tax Act 1961

What are Deductions? Section 57 of Income Tax Act 1961

What are the Amounts not deductible? Section 58 of Income Tax Act 1961

What are Profits chargeable to tax? What is Transfer of income where there is no transfer of assets? What is Revocable transfer of assets? Section 59, 60 and 61 of Income Tax Act 1961

What is the meaning of Transfer irrevocable for a specified period? How Transfer and revocable transfer defined? Section 62 and 63 of Income Tax Act 1961

What is the meaning Income of individual to include income of spouse, minor child, etc? Section 64 of Income Tax Act 1961

What is the meaning Liability of person in respect of income included in the income of another person? What is Total income? Section 65 and 66 of Income Tax Act 1961

What is the Method of computing a member's share in income of association of persons or body of individuals? Section 67A of Income Tax Act 1961

What is Cash credits? What are Unexplained investments? Section 68 and 69 of Income Tax Act 1961

What is Unexplained money, etc? What are Amount of investments, etc., not fully disclosed in books of account? Section 69A and 69B of Income Tax Act 1961

What is Unexplained expenditure, etc? What is Amount borrowed or repaid on hundi? Section 69C and 69D of Income Tax Act 1961

What is Set off of loss from one source against income from another source under the same head of income? Section 70 of Income Tax Act 1961

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