Gift to trust
This query is : Resolved
Quick Summary
27 September 2020
If Any Individual Gifts Property to Trust registred under 12AA as a religious Trust then what will be tax liability in both individual and The Trust?
and what will be the consequences, if trust not registered under 12AA?
Please do suggest in tax planning manner.
and what will be the consequences, if trust not registered under 12AA?
Please do suggest in tax planning manner.
CA R SEETHARAMAN
(Expert)
27 September 2020
No tax liability for individual and trust in case of Trust registred under 12AA.
If trust not registered under 12AA, trust is liable for tax.
If trust not registered under 12AA, trust is liable for tax.
29 September 2020
Thank You.
Will you plz quote Relevant section for Individual and trust for no taxability
Will you plz quote Relevant section for Individual and trust for no taxability
CA R SEETHARAMAN
(Expert)
29 September 2020
Section 56 (2)(x) of income tax.
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