Assessment of trust - whether the assessee Trust is a ...

Income Tax

October 16, 2020

Assessment of trust - whether the assessee Trust is a determinate Trust or indeterminate Trust? - Once the benefits are to be shared by the beneficiaries in proportion to the investment made, any person with reasonable prudence would reach to the conclusion that the shares are determinable. Once the shares are determinable amongst the beneficiaries, it would meet with the requirement of the law, to come out from the applicability of Section 164 of the Act. - HC

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Assessment of trust - whether the assessee Trust is a ...

Income Tax

October 16, 2020

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