Trust
This query is : Resolved
ajit kumar jain
(Querist)
01 August 2012
FATHER WANTS TO MAKE GIFT MONEY TO BENEFICIARY TRUST FOR HIS MINOR CHILD
THE FUNDS BE BE UTILZED FOR LOAN INTEREST IN THE TRUST
NOW WHETHER GIFT TAX IS APPLICABLE HERE.
IN WHOSE HANDS THE INCOME FROM LOAN WOULD BE TAXABILE.
CAN DONATION BE MADE INSTEAD OF GIFT. IF SO UNDER WHICH SECTION.
PLEASE ADVISE
THE FUNDS BE BE UTILZED FOR LOAN INTEREST IN THE TRUST
NOW WHETHER GIFT TAX IS APPLICABLE HERE.
IN WHOSE HANDS THE INCOME FROM LOAN WOULD BE TAXABILE.
CAN DONATION BE MADE INSTEAD OF GIFT. IF SO UNDER WHICH SECTION.
PLEASE ADVISE
Amol S Joglekar
(Expert)
01 August 2012
Lot of confusion. Please let me kno who is SETTLOR? If Father is settlor, then question of gift will not arise. Minor child is beneficiary. The taxability of trust will depend upon whether the share of beneficiary is determinate or not.
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