Hello everybody,
I request help/ guidance. My problem is as below
Recently,my mother has executed a gift deed in my favor. Now due to cirumstances she wants to create a 100% specfic trust for the gifted property, she will be trustee and I will be the beneficiary. As gift deed is not revocable, I and she want that the gifted property to be put under trust to be created in my favor.
Can I execute a gift in favor of the trust created by my mother for my benefit or we shall togeather execute a gift cancellation deed and mother create trust for that property in my favor or shall I execute a return gift deed to my mother so as to enable my mother to create trus or shall I approach deputy collector for cancellation of the gift deed. What is the legally best and fast way and implication of taxation on the income from such trust ?
