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Report No. 12

65. Irrevocable transfers.-

(1) The provisions of section 64 [section 16(1)(c), main para., latter half] shall not apply to any income-

(a) arising to any person by virtue of a transfer which is not revocable for a period exceeding six years or during the lifetime of the transferee, or, in the case of a transfer by way of trust, during the life time of the beneficiary, and

(b) from which income the transferor derives no direct or indirect benefit.

[Section 16(1)(c), 3rd proviso earlier half]

(2) Notwithstanding anything contained in sub-section (1), all income arising to any person by virtue of a 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 16(1)(c), 3rd proviso, latter half]

Income-Tax Act, 1922 Back

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