Transfer Irrevocable for a specified period - (New) Section 97(2) and (3) / (Old) Section 62

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....7(2) ] Section 97(1) shall not apply where: Clause (a) - The transfer: • is by way of trust and is not revocable during the lifetime of the beneficiary; or • in any other case, is not revocable during the lifetime of the transferee. Clause (b) - The transferor does not derive any direct or indirect benefit from such income. Taxability Upon Emergence ....

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.... right to re-assume power directly or indirectly over the whole or any part of the income or assets. Under Section 62 of the Income Tax Act, 1961 [ Upto 31.03.2026 ] 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 r....