Section 98 Income Tax Act 2025
“Transfer” and “revocable transfer” defined.
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. |