CREATION OF TRUST
This query is : Resolved
CMA. CS. Sanjay Gupta
(Querist)
08 July 2010
DEAR EXPERTS,
A PAN HAS BEEN OBTAINED IN THE NAME OF A MINOR AND RETURN HAS BEEN FILED (CLUBBED WITH INCOME OF HIS FATHER) FOR LAST 3-4 YEARS. NOW WE WANT TO CREATE A PRIVATE TRUST IN THE NAME OF THAT MINOR AND TRANSFER ALL HIS PROPERTY TO THE TRUST.
CAN THIS BE DONE?
WHAT IS THE PROCEDURE?
IF TRUST CAN BE CREATED THAN WHAT WILL HAPPEN TO THE PAN OF THAT MINOR?
REGARDS
A PAN HAS BEEN OBTAINED IN THE NAME OF A MINOR AND RETURN HAS BEEN FILED (CLUBBED WITH INCOME OF HIS FATHER) FOR LAST 3-4 YEARS. NOW WE WANT TO CREATE A PRIVATE TRUST IN THE NAME OF THAT MINOR AND TRANSFER ALL HIS PROPERTY TO THE TRUST.
CAN THIS BE DONE?
WHAT IS THE PROCEDURE?
IF TRUST CAN BE CREATED THAN WHAT WILL HAPPEN TO THE PAN OF THAT MINOR?
REGARDS
Aditya Maheshwari
(Expert)
08 July 2010
There is a trust being created for the benefits of the minor child. The trust would have its seperate registration and other details and the beneficiary would be the minor. So it will not affect the PAN of the minor.
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