Transfer Irrevocable for a specified period - Section 62 - Income Tax - Ready Reckoner - Income Tax

Transfer Irrevocable for a specified period - Section 62 The provisions of revocable transfer shall not apply to any income arising to any person by virtue of transfer in the following cases:- In the case of transfer by way of trust, the transfer is not revocable during the lifetime of the beneficiary In case of any other transfer, the transfer is not revocable during the lifetime of the beneficiary In case the transfer is made before 1.4.1961, the transfer is not revocable for a period exceeding 6 years. Provided that the transferor derives no direct or indirect benefit from such income in either case. Notes:- Income shall be clubbed in the income of the transferor, as and when the power to revoke arises. Actual revocation is not relevant.