Is private trust property taxable under wealth tax act?

Dear Neha,

 

WT applies only to Individuals, HUF and company. hence, in your case, according to me, WT does not apply.

 

- Ankit

Only Charitable or religious trusts are exempt from wealth tax u/s 5(i) of wealth tax act which reads as under "Wealth tax shall not be payable on any property held under trust or other legal obligation for any PUBLIC purpose of a charitable or religious nature in India"... So family (private) trusts are not covered under such exemption and same is liable to wealth tax.. It may also be noted that the trust is assessable as an individual and other exemptions u/s 5 ( which are allowed to an individual) are available to trust...

Yes private trusts are definitely taxable as Individuals... 

sir

Movable assets( gold, jewellery, gold coins) transferred to private trust through will,  for minor marriage is liable for wealth tax or not.