https://www.taxtmi.com/caselaws?id=15612 Where a minor beneficiary's right under a trust depends on attaining majority, the interest remains contingent and not vested in possession. On that basis, the trust income was treated as not taxable in the beneficiary's hands until the stipulated age, and the capital standing in the trust was therefore not regarded as part of the minor's net wealth under the Wealth-tax Act. The governing principle is that trust capital is excluded from the beneficiary's net wealth until the beneficiary's interest becomes vested by the occurrence of the future event. en-us Mon, 10 Nov 1997 00:00:00 +0530 Wed, 26 Aug 2009 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15612 Where a minor beneficiary's right under a trust depends on attaining majority, the interest remains contingent and not vested in possession. On that basis, the trust income was treated as not taxable in the beneficiary's hands until the stipulated age, and the capital standing in the trust was therefore not regarded as part of the minor's net wealth under the Wealth-tax Act. The governing principle is that trust capital is excluded from the beneficiary's net wealth until the beneficiary's interest becomes vested by the occurrence of the future event. Case-Laws Income Tax Mon, 10 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15612