What are the tax implications for transfer of immovable properties from the company to Family trust? Whether Capital Gains is attracted or not Whether stamp duty is attracted or not and any other tax attracted on transfer
Please refer to section 47(iii) of the Income Tax Act, 1961 whereby any transfer to capital asset under a gift or will or an irrevocable trust is not regarded as ‘transfer’. Hence the transfer may not be subject to capital gains tax. Stamp Duty should indeed be attracted on the gift of immoveable properties to the Trust but at a much less %/ rate than the normal applicable rates.
I have lots of mutual funds, shares, property on different names like me, and my three daughters. I am always worries about my daughters that after my death my property will be become my son in law and if my daughters get diverse in esteem condition then what will be happened to my daughter she will be on road. So can i prepared private trust to safeguard my daughters. Further mutual funds and property in my daughters name can transfer by gifting to the trust. Please reply me
Yes, based upon facts narrated by you, you should certainly think about setting up a Private Trust or a HUF separately. Please drop me an email at OFFICE@SHARKAUDITORS.COM
You can create a Private Trust with an Initial Corpus of Rs. 1,000/- as well. You need to refer to Section 160-164 of the Income Tax Act as the subject is very detailed.
1. Can I get LAP from bank if the property is in the name of private trust? 2. Do I have to pay property registration chargess(stamp duty etc) if I transfer property from my name to the private trust I create?
It depends and is subject to the Income of the Members of Private Trusts. Please refer to Section-164 of the Income Tax Act, 1961 for taxing provisions relating to Private Trusts. The Income of Private Trusts may be Taxable at MMR as well.
Sir I have a doubt Can a husband(who is not related to the public charitable trust) of the settler wife of the public charitable trust give donation and claim deduction under section 80G?
Yes! 🙌 A Private Trust is set-up for various purposes, inter alia, Wealth Protection, Succession Planning etc. It is NOT any sought of additional venture or business we are setting-up which will need your attention to be diverted from your Govt. Job.
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How to save son from giving alimony to his divorced wife through family trustee?
What are the tax implications for transfer of immovable properties from the company to Family trust?
Whether Capital Gains is attracted or not
Whether stamp duty is attracted or not and any other tax attracted on transfer
Please refer to section 47(iii) of the Income Tax Act, 1961 whereby any transfer to capital asset under a gift or will or an irrevocable trust is not regarded as ‘transfer’. Hence the transfer may not be subject to capital gains tax.
Stamp Duty should indeed be attracted on the gift of immoveable properties to the Trust but at a much less %/ rate than the normal applicable rates.
Thanks from the clarification
Thank you 🙏🏽
I have lots of mutual funds, shares, property on different names like me, and my three daughters. I am always worries about my daughters that after my death my property will be become my son in law and if my daughters get diverse in esteem condition then what will be happened to my daughter she will be on road. So can i prepared private trust to safeguard my daughters. Further mutual funds and property in my daughters name can transfer by gifting to the trust. Please reply me
Yes, based upon facts narrated by you, you should certainly think about setting up a Private Trust or a HUF separately.
Please drop me an email at OFFICE@SHARKAUDITORS.COM
Busines by trust कैसे करें ?
What is the minimum value of assets to creat a private trust .
How the taxation rules the private trust when the trustee is alive or otherwise.
You can create a Private Trust with an Initial Corpus of Rs. 1,000/- as well.
You need to refer to Section 160-164 of the Income Tax Act as the subject is very detailed.
Thank you so much...
Sir ji village me environmental trust ke liye konsa trust bna skte ha
Public Charitable Trust ONLY!
Degree college ke liye kon sa trust better h or ye kha par ragister hoga
What is the more tax efficient for family ..not for succession planning
then, HUF
Can we donat our society ( including all property )to any trust ( famely or public )
1. Can I get LAP from bank if the property is in the name of private trust?
2. Do I have to pay property registration chargess(stamp duty etc) if I transfer property from my name to the private trust I create?
Answer No.1: The Question should preferably be posed before the Banks who will be the better authority to guide.
Answer No.-2: Yes!
Sir,
Can we also established or open school, college, etc in private trust..?
Please update us more in this regards 🙏
Yes, you can Open. But Charitable Activities are NOT Possible. It will just be like any other Private Business House School
Please write to us at OFFICE@SHARKAUDITORS.COM and/or call us at 9717 00 2510
Trust busines kr Sakta h
जी हाँ बिलकुल 👍
So taxability will be similar to AOP?
It depends and is subject to the Income of the Members of Private Trusts.
Please refer to Section-164 of the Income Tax Act, 1961 for taxing provisions relating to Private Trusts. The Income of Private Trusts may be Taxable at MMR as well.
Charitable trust is irrevocable trust ??
Yes it's irrevocable only when you put that clause in the deed.
Sir I have a doubt
Can a husband(who is not related to the public charitable trust) of the settler wife of the public charitable trust give donation and claim deduction under section 80G?
Whosoever has truly donated donations to any Trust is eligible to claim Section-80G deduction irrespective of his/ her relationship
And can the Charitable Public Trust who received such donation, show it as Donation in the receipt side of receipt and payment statement?
Can a government employee make a private rust
Yes! 🙌
A Private Trust is set-up for various purposes, inter alia, Wealth Protection, Succession Planning etc. It is NOT any sought of additional venture or business we are setting-up which will need your attention to be diverted from your Govt. Job.
Sir aur details mein bataiye private trust ke bare mein or taxation please
hospital ke liye kaun sa trust banana chahiye
Public Charitable Trust
How many members are needed for a public charitable trust
2-3 members
How many minimum no. of person required to form private trust
Minimum 2
incomplete information