(1) The provisions of section 61 shall not apply to any income arising to any person by virtue of a transfer-
(i) by way of trust which is not revocable during the lifetime of the beneficiary, and, in the case of any other transfer, which is not revocable during the lifetime of the transferee; or
(ii) made before the 1st day of April, 1961, which is not revocable for a period exceeding six years:
Provided that the transferor derives no direct or indirect benefit from such income in either case.
(2) Notwithstanding anything contained in sub-section (1), all income arising to any person by virtue of any such transfer shall be chargeable to income-tax as the income of the transferor as and when the power to revoke the transfer arises, and shall then be included in his total income.
Section 55 Meaning of adjusted, cost of improvement and cost of acquisition
Section 55A Reference to Valuation Officer
Section 56 Income from other sources
Section 58 Amounts not deductible
Section 59 Profits chargeable to tax
Section 60 Transfer of income where there is no transfer of assets
Section 61 Revocable transfer of assets
Section 62 Transfer irrevocable for a specified period
Section 63 Transfer and revocable transfer defined
Section 64 Income of individual to include income of spouse, minor child, etc