https://www.taxtmi.com/circulars?id=9287 Trustees holding assets under a duly executed trust are liable for wealth-tax co-extensive with a beneficiary's known and determinate interest, and such trustee assessment must treat the beneficiary's trust interest as the top slab of the beneficiary's wealth for rate purposes. Once assessed in the trustees' hands, that interest cannot be again included for rate computation in a separate beneficiary assessment. To avoid revenue loss where beneficiaries have determinate shares in multiple trusts, assessments should be made on beneficiaries rather than trustees; a single beneficiary assessment is also preferable where only one trust is involved. en-us Tue, 11 Sep 1979 00:00:00 +0530 Fri, 03 Jun 2011 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9287 Trustees holding assets under a duly executed trust are liable for wealth-tax co-extensive with a beneficiary's known and determinate interest, and such trustee assessment must treat the beneficiary's trust interest as the top slab of the beneficiary's wealth for rate purposes. Once assessed in the trustees' hands, that interest cannot be again included for rate computation in a separate beneficiary assessment. To avoid revenue loss where beneficiaries have determinate shares in multiple trusts, assessments should be made on beneficiaries rather than trustees; a single beneficiary assessment is also preferable where only one trust is involved. Circulars Income Tax Tue, 11 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9287