Taxation of Private Trust
This query is : Resolved
09 June 2021
A private trust with two minor beneficiaries with equal share in benefits was created by great-grandmother and made parents of minors as trustees and gave a corpus of Rs.51,000 on 15.04.2020 and later on 21.04.2020 she made a gift of Rs.50 lacs to the trust. The trust invested funds in bank deposits and also loans to parties and interest income was Rs.3,25,000. Please advise on taxation of the trust, filing of return of income etc.
09 June 2021
File ITR 5 income above 2.50 lacs taxable.
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