https://www.taxtmi.com/caselaws?id=8209 A fixed and definite right to receive net income from trust property may constitute an annuity for wealth-tax purposes when it is not linked to fluctuations in the estate's general income and does not represent an interest in the corpus. The analysis further notes that commutation is excluded where the trust deed gives the beneficiary no right to demand a lump-sum capitalised value and the trust scheme requires the income to pass to other beneficiaries after death. On that reasoning, the right to receive the trust income falls within the annuity exception under the Wealth-tax Act and is not includible as an asset. en-us Mon, 15 Mar 1971 00:00:00 +0530 Mon, 06 Apr 2009 08:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8209 A fixed and definite right to receive net income from trust property may constitute an annuity for wealth-tax purposes when it is not linked to fluctuations in the estate's general income and does not represent an interest in the corpus. The analysis further notes that commutation is excluded where the trust deed gives the beneficiary no right to demand a lump-sum capitalised value and the trust scheme requires the income to pass to other beneficiaries after death. On that reasoning, the right to receive the trust income falls within the annuity exception under the Wealth-tax Act and is not includible as an asset. Case-Laws Wealth-tax Mon, 15 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8209