Dear Sir/Madam,
Can anyone please guide how income tax on income generated from TRUST FUND for an irrevocable discretionary Trust will be treated for a TRUST when settled for the well-being, support and maintenance of handicapped dependent?
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Income Tax on private family trust for specific needs
Replies (1)
Summary: For an irrevocable discretionary trust, the income is generally subject to the Maximum Marginal Rate (MMR). However, if the trust is structured as a specific/determinate trust, the income can often be taxed at the individual slab rates of the beneficiaries. You may also be eligible for a tax deduction under Section 80DD if you are funding a qualified scheme for the care of your disabled dependent.
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