03 November 2010
Mr A had a property in his name but it was shown in the balance sheet of trust, altough at that time Mr A has no relation with Trust.but now Mr A is one of the trustees of trust and he has transfer the property without any consideration to the trust through gift deed. pls tell me the taxability both in the hands of Mr A and Trust.
04 November 2010
Transfer of property and related income to a trust should be examined with applicable sections 60-63 to understand tax implications of property transfer
05 November 2010
Any asset which has been transfered absolutely and the transfer is non revocable by way of gift and the same has accepted than all the income ariseing from that asset will be taxed in the hands of gift receipent.
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