Determinate beneficial interest in trusts.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f the Wealth-tax Act provides that in the case of assets which are held by a court of wards or an administrator general or an official trustee or any receiver or manager or any other person appointed under a trust declared by a duly executed instrument in writing, the Wealth-tax shall be levied upon these persons in the like manner and to the same extent as it would be leviable upon and recoverabl....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....p slab of the wealth of the beneficiary and charged to tax accordingly. 4. Once the assessment is made in the hands of the trustees in respect of the interest of the beneficiary in the trust, the same cannot be included even for rate purposes in the total wealth of the beneficiary when the assessment is made in respect of wealth other than the interest in the trust, in the absence of any specific....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iary's interest in a particular trust should be subjected, in the manner explained in Para No.3 above. There would, obviously, be loss of revenue if more than one assessment is made, ie. on the various trustees in respect of the beneficiary's interest in each of the relevant trusts at the rates applicable to each and on the beneficiary in respect of his other wealth. 6. The Board, therefore, desi....