SHOULD I GO FOR FORMATION OF NON DISCREATIONARY TRUST FOR THE BENEFIT OF MINOR DAUGHTER WHERE FATHER WILL BE SETTLOR AND MOTHER WILL BE A TRUSTEE. THE AMOUNT RECEIVED BY THE TRUST WILL BE CREDITED TO THE CORPUS OF THE TRUST AND WILL NOT BE AVAILABLE TO BENEFICIARY TILL SHE GETS MAJORITY.THIS WAY THE SETTLOR WANTS TO SAVE TAX LIABILITY IN THE HANDS OF THE TRUST AND ALSO IN THE HANDS OF THE BENEFICIARY.
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NON DISCREATIONARY TRUST
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it is more advisable to r U to make your father or mother as settlor and you and your wife can both be trustees, and creat minor benefit trust and enjoy tax holiday till miminum slab available . it is treated AOP (Trust).
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