Indian Trust Act,

561 views 1 replies

I want advice on particular topis,

Its, If a person transfer his property or creat trust under irrevocable transfer then it is not treated as transfer u/s 47(iii) of Income Tax Act and ultimately not chargeble to tax.

Now what happen if at the end of trust period or if trust has achieved its objective i.e trust is to be over, At that time assets held under trust name are transfered (distributed) to benefeciaries ... Whether that is chargeble to tax, if yes under which provision of Income tax.

Please advice if you know,

Amit

Replies (1)

after the objects of the trust are achieved, the assets of the trust is to be transferred to any other trust having similar objects, i don't think beneficiaries will get the asset, unless specifically mention in the trust deed.

Everything depends on purpose for which the trust is created, if u can give more details, i may be able to discuss more


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register