As per sec 40A(7) an irrevocable trust has to be created for gratuity to be allowed as deduction . my doubt is whether what kind of trust should be created and should it be registred ? is it like a formation of charitable trust ? where should it be registred ?
1 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 27 February 2011
employer and employees are notional trustee of the the aforsaid trust , which is done in consulatation with lic group graduity scheme.
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