- For the purposes of sections 60, 61 and 62 and of this section,-(a)a transfer shall be deemed to be revocable if-(i)it contains any provision for the re-transfer directly or indirectly 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;(b)"transfer" includes any settlement, trust, covenant, agreement or arrangement.
