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It Is Possible To Have A Discretionary Trust

The income of a private discretionary trust for the benefit of the relatives, etc., of the settlor is now normally liable to tax under Section 164(1) of the IT Act at the maximum rate of income tax for AY 2013-2014 or even for the AY 2014-2015. Where a discretionary trust is declared in a Wifi, and such a trust is the only trust so declared under the Will, then the income of such a discretionary trust would be liable to income tax at the normal slab rates applicable to an AOP or an individual. However, great care should be taken in the drafting of such a Will.

Where such a trust carries on business, the profits and gains of the trust would be chargeable to tax at normal rates of tax applicable to an AOP or an individual and not the maximum marginal rate of tax, provided such a trust is declared for their support and maintenance, and also that it is the only one such trust so declared in the Will.

Introduction to Family Tax Planning
Family Tax Planning - Matter Of Making Gifts And Settlements
Family Tax Planning For A Nuclear Family
Family Tax Planning By DINKs (Double Income No Kids)
Family Tax Planning While Accepting Gift
Have A Trust For Your Prospective Spouse for Family Tax Planning
It Is Possible To Have Discretionary Trust - Family Tax Planning
Avoid Oral Trust towards Family Tax Planning
Conclusion @ Family Tax Planning
How To Avoid Clubbing Of Income Of Husband And Wife -Tax Planning
How To Avoid Clubbing Of Income Of Minor Child In Parent’s Income
Minor Child should have Separate Income Tax File for Tax Planning
Use Of Marriage For Family Tax Planning
Major Children Are Your Great Tax Savers for Family Tax Planning
Your Parents And In-Laws Can Save More Taxes For You
You May Plan To Save Income Tax For Your Successors
Separate Income Tax File For A Daughter-In-Law

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