Tax on donations made to a private trust in the shares

Gaurav Chhabra (Querist) 08 September 2010 This query is : Resolved
Dear Friends,

Kindly reply to this queries:

1.Is a donation by way of shares by an individual to a private trust taxable?

2.Can an Indian National donate amount to foreign trust? If yes upto what amount.

3.Can an Indian National send the fund to his/her child working abroad for buying car there? If yes upto what amount.

4.Will a WILL supercede nominations?

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soumitra basu (Expert) 09 September 2010
Answers :
1. No. In the hands of the trust.
2. Yes, there is no limit.
3. Yes, you have to take permission from Reseve Bank of India.
4. Yes

s.subramanian (Expert) 13 September 2010
Yes. I fully endorse the view of Mr.Soumitra Basu.

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