(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.
