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of <h1>Section 21A of Wealth Tax Act: Tax Rules for Trusts Benefiting Individuals or Investing Illegally, with Exceptions for Pre-1962 Trusts.</h1> Section 21A of the Wealth Tax Act, 1957, addresses the assessment of wealth tax on properties or income held under trust for public charitable or religious purposes in India. It stipulates that wealth tax is applicable if trust property or income benefits certain individuals, if income benefits individuals from trusts created after April 1, 1962, or if trust funds are invested contrary to legal provisions. The tax is levied as if the property were held by an individual resident in India. Exceptions apply to trusts created before April 1, 1962, and specific associations or institutions as outlined in the Income-tax Act.
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