https://www.taxtmi.com/caselaws?id=7130 A trust settlement that makes the beneficiary's entitlement depend on surviving the settlor creates a contingent interest in the corpus, not a vested interest. The article explains that a mere spes successionis is only a chance of succession and is not property, but a contingent interest is a recognised form of property capable of transfer and valuation. On that reasoning, such an interest can fall within the meaning of an asset under the Wealth-tax Act. The note also states that the rule favouring vested interests cannot override the clear language of the trust deed where survivorship is a condition precedent to vesting. en-us Thu, 17 Aug 1967 00:00:00 +0530 Tue, 10 Feb 2009 19:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7130 A trust settlement that makes the beneficiary's entitlement depend on surviving the settlor creates a contingent interest in the corpus, not a vested interest. The article explains that a mere spes successionis is only a chance of succession and is not property, but a contingent interest is a recognised form of property capable of transfer and valuation. On that reasoning, such an interest can fall within the meaning of an asset under the Wealth-tax Act. The note also states that the rule favouring vested interests cannot override the clear language of the trust deed where survivorship is a condition precedent to vesting. Case-Laws Wealth-tax Thu, 17 Aug 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7130