29 October 2010
If a working couple has children, say, one son and one daughter, each one can form a trust for the would-be spouse of one child separately in such a manner that the initial exemption of Rs 160,000 under the provisions of Section 164 of the Income Tax Act is available.
If the couple does not have a child, then the husband can have a trust for the unborn son, and the wife a trust for the unborn child daughter to get a separate exemption of Rs 160,000 each.
Besides, if you worship some deity, you can have a private religious trust for one's chosen deity.
Such a trust would be liable to assessment as a separate taxpayer under the category of artificial juridical person and would enjoy a separate
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