> This sentence is a play on words, using the homophones "it's" and "its" in different ways to create a pun. The first half of the sentence is using the phrase "it's not it is" as a way to say that something is not true, while the second half is using the phrase "it is its" as a way to say that something belongs to itself. The second sentence is in similar way "it's it's" meaning " it is its" and "it is it's" meaning "it's is it"

That he's mad, 'tis true, 'tis true 'tis pity, And pity 'tis, 'tis true