Hi,
I have created a Private Discretionary trust for my minor daughter to enable tax savings. I wanted to know what options I have to utilize 80C for this trust. I understand that PPF accounts cannot be opened for Private Trusts and they also cannot invest in SCSS or PF or LIC or Pension so does that leave only ELSS. Also if it is onlt ELSS then in new DTC 80C wii not be available practically for Private Trusts. Request clarification from someone on this.
Such private trusts are allowed to invest in ELSS schmes of Mutual funds which have a lock in of 3 years and the trust is required to observe KYC registration from cvlindia.
Hi, referring to this query, can private discretionary trust use its fund for contribution to PPF accounts of minors (beneficiary of trust) and claim deduction under 80C ? Same for mediclaim under 80D? Pls advise.
CAclubindia
