Section-98: 'Transfer' and 'revocable transfer' defined

Section-98 : "Transfer" and "revocable transfer" defined

Section-98 provides for definitions of the expressions "Transfer" and "revocable transfer". Learn to understand the section-98 as it is, it's help and useful links to follow.

Here onwards, "Act" refers to "Income Tax Act 2025"

1. Section-98 as per act

For the purposes of

sections 96 and 97, and this section,—

"transfer" includes any settlement, trust, covenant, agreement or arrangement;
a transfer shall be considered to be revocable, if––
1. 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
2. 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.