https://www.taxtmi.com/caselaws?id=71419 A trust deed that creates an existing trust for identified beneficiaries, while allowing additional family members to be included later and permitting early distribution within an outer limit, does not offend the rule against perpetuity where no unborn person receives a vested interest on transfer. Exclusion of the settlor from trust benefits and from inheritance as a legal heir does not attract section 60 of the Income-tax Act, 1961 merely because the settlor's death is mentioned as one terminal event for distribution. Where beneficiaries are specified and their shares are fixed in definite fractions, the trust remains specific rather than discretionary, and assessment is under section 161(1) rather than section 161(4). en-us Mon, 03 Apr 1989 00:00:00 +0530 Sat, 23 Apr 2011 13:07:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71419 A trust deed that creates an existing trust for identified beneficiaries, while allowing additional family members to be included later and permitting early distribution within an outer limit, does not offend the rule against perpetuity where no unborn person receives a vested interest on transfer. Exclusion of the settlor from trust benefits and from inheritance as a legal heir does not attract section 60 of the Income-tax Act, 1961 merely because the settlor's death is mentioned as one terminal event for distribution. Where beneficiaries are specified and their shares are fixed in definite fractions, the trust remains specific rather than discretionary, and assessment is under section 161(1) rather than section 161(4). Case-Laws Income Tax Mon, 03 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71419