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Tax Planning

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Guest

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Guest (Querist)
29 October 2010 If a working couple has children, say, one son and one daughter, each one can form a trust for the would-be spouse of one child separately in such a manner that the initial exemption of Rs 160,000 under the provisions of Section 164 of the Income Tax Act is available.

If the couple does not have a child, then the husband can have a trust for the unborn son, and the wife a trust for the unborn child daughter to get a separate exemption of Rs 160,000 each.

Besides, if you worship some deity, you can have a private religious trust for one's chosen deity.

Such a trust would be liable to assessment as a separate taxpayer under the category of artificial juridical person and would enjoy a separate
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Ca Aashish Upadhyay

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Ca Aashish Upadhyay (Expert)
30 October 2010 Thanks anoop for sharing but prima facie it might amount to tax evasion!!!!
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