https://www.taxtmi.com/caselaws?id=168418 A will creating a single trust over the estate can vest the property in the trustees once the executors assent to the bequest, even if some liabilities remain unpaid. Recurring payments to relatives charged on the income do not require a separate fund, and the existence of those payments does not prevent assent or vesting. For income-tax purposes, the trustees were assessable in that representative capacity, but exemption was available only for the portion of income applied wholly to religious or charitable purposes. The income used for monthly allowances to relatives remained chargeable, while the charitable balance fell within the exemption. en-us Fri, 13 Oct 1961 00:00:00 +0530 Fri, 27 Feb 2015 12:13:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168418 A will creating a single trust over the estate can vest the property in the trustees once the executors assent to the bequest, even if some liabilities remain unpaid. Recurring payments to relatives charged on the income do not require a separate fund, and the existence of those payments does not prevent assent or vesting. For income-tax purposes, the trustees were assessable in that representative capacity, but exemption was available only for the portion of income applied wholly to religious or charitable purposes. The income used for monthly allowances to relatives remained chargeable, while the charitable balance fell within the exemption. Case-Laws Income Tax Fri, 13 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168418