Trust
Querist :
Anonymous
(Querist) 27 August 2010
This query is : Resolved
Dear Sir/Madam
I would greatful to you to guide me on attached question abot Trust Specialy Family trust and Public Trust.
Thanks
Santosh Giri
1.Difference between public and family trust?
2.Will income or property of the trust be taxable under Income Tax and Wealth tax? Will there be any exemptions. If yes, what are the conditions for claiming such exemptions? (Separately for public trust and family or private trust.)
3.Can trust borrow? (Separately for public trust and family or private trust.)
4.Can trust purchase immovable and movables properly including jewelry? (Separately for public trust and family or private trust.)
5.What is the conditions and procedure for dissolutions? (Separately for public trust and family or private trust.)
6.In case of family trust what is the procedure for inclusion of new beneficiary in trust?
7.In case of family trust what is the procedure for retirement or resignation of one beneficiary from trust? What will be treatment of trust properly will it be divided same as in case of partnership firm?
8.What is the conditions and procedure for dissolutions?
s.subramanian
(Expert) 05 November 2010
1. The name itself suggests the difference. A family trust by its objects can become a public trust as well. Everything depneds upon the objectives of the trust and its beneficiaries.
2. No. But some concessions alone are offered.
3. yes.But the objects must provide for the same and there must be a specific clause in this regard.
4.yes. This must also be provided for in the trust deed.
5. when the objects of the trust fail,it can be terminated.
6. By amending the trust deed.
7.It is left to the discretion of the founder or author of the trust.
No.It cannot be treated like a partnership.
8. Already stated above.
