83.  Income from revocable transfer of assets, etc:-

(1)   All income arising to any person by virtue of revocable transfer of assets shall be chargeable to tax as the income of the transferor and shall be included in his total income.

(2)   The provisions of sub-section (1) shall not apply to any income arising to any person by virtue of a transfer which is not revocable during the life-time of the beneficiary and the transferor derives no direct or indirect benefit from such income.

(3)   All income arising by virtue of a transfer, whether revocable or not, and whether effected before or after the commencement of this Ordinance shall, where the assets remain the property of the transferor be chargeable to tax as the income of the transferor and shall be included in his total income.

(4)   All income derived from any asset transferred by an assessee directly or indirectly to-

(a)    his spouse, otherwise than for adequate consideration, or in connection with an agreement to live apart; or

(b)    any minor child of the assessee otherwise than for adequate consideration; or

(c)    any person for the benefit of his spouse or any minor child, or both, otherwise than for adequate consideration, shall be chargeable to tax as the income of the transferor, and shall be included in his total income.

(5)   For the purpose 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 assets to the transferor, or

(ii)    it gives, in any way, the transferor a right to resume power, directly or indirectly over the whole or any part of the assets;

(b)    "transfer" includes any disposition, settlement, trust, covenant, agreement or arrangement; and

(c)    "minor child" does not include a married daughter.