63. "Transfer"and "revocable transfer" defined.

For the purposes of section 60, section 61and section 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.