Trustee liability for wealth-tax: holders of assets on behalf of others bear tax assessment and recovery obligations. Assets chargeable under the Act held by courts of wards, administrator-generals, official trustees, receivers, managers or trustees are assessable and recoverable from those holders as if from the persons for whom the assets are held. If asset value exceeds beneficiaries' interests or beneficiaries are indeterminate, the holder is liable for the excess or for assessment as if the beneficial owners were resident individuals, subject to specified exceptions and procedural deeming rules for trusts not in writing. Holders who pay may recover sums from beneficiaries.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Trustee liability for wealth-tax: holders of assets on behalf of others bear tax assessment and recovery obligations.
Assets chargeable under the Act held by courts of wards, administrator-generals, official trustees, receivers, managers or trustees are assessable and recoverable from those holders as if from the persons for whom the assets are held. If asset value exceeds beneficiaries' interests or beneficiaries are indeterminate, the holder is liable for the excess or for assessment as if the beneficial owners were resident individuals, subject to specified exceptions and procedural deeming rules for trusts not in writing. Holders who pay may recover sums from beneficiaries.
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