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Taxability of Gift to Family Trust

This query is : Resolved 

If any monetary gift is given to a private/family trust where the donor is not having any vested interest then what are its tax implications? Is it exempted in hands of the donor irrespective of the gift amount?
Pls suggest..

Monetary gift can't be 2 lacs or more. It's exempt in case relative trust.

If it's not of relatives and amount is more than 2 L?

Equal amount of penalty payable under section 269st.

But it is not in form of cash.. If it is all with proper gift deed and transferred through bank then any tax implications are there for the donor?

No gift deed required for amount transferred through bank, a letter is enough. Gift in any form exceeding Rs 50,000 taxable as income.

Taxable for the recipient and not for the donor, pls confirm.

Yes taxable for the recipient.

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