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of <h1>Legal Shield: Income Transfer Exemption Hinges on Irrevocability and No Indirect Benefit Under Section 62</h1> Section 62 of the Income Tax Act addresses irrevocable transfers of income. The provision states that income from transfers not revocable during the beneficiary's or transferee's lifetime is exempt from taxation, provided the transferor receives no direct or indirect benefit. If revocation becomes possible, the income becomes taxable and is included in the transferor's total income.
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