Takeover of trusts???

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daVe.. (Querist)
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31 October 2008 Can an Educational Trust be taken over by another Educational Trust???

If Yes, What are the Tax Implications on such Takeover???

Please advice.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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31 October 2008 Oh yes. No tax implication for take over as it is.

daVe..

daVe.. (Querist)
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31 October 2008 Thanks sir. But how will the sale consideration be valued??? Who will enjoy the sale proceeds??

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S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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31 October 2008 What I meant was the take over of trusts will be by another trust of similar objects. There is no consideration involved here. It is by due process of law and no sale involved.

daVe..

daVe.. (Querist)
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31 October 2008 Dear Sir, Thank you for the quick reply, despite your busy day!!! It was informative.