§ 98
Chapter V — Income Of Other Persons Included In Total Income Of Assessee
For the purposes of sections 96 and 97, and this section,—
Income-tax Act, 2025
This section defines what constitutes a 'transfer' for tax purposes, including settlements, trusts, and agreements. A transfer is considered revocable if it allows the transferor to re-gain control over the income or assets, either directly or indirectly. Key points to note include:
- provisions for re-transfer of income or assets
- rights to re-assume power over income or assets
📜 Official text of the section +
98. 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 deemed 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.
Income of individual to include income of spouse, minor child, etc.
Plain-language summary — not the official text. Refer to the bare Act and confirm with a professional for your specific case.