India live in families. We remain concerned about the family members . The question remain foremost important in ones mind what happens after one’s demise.In many unfortunate circumstances like below , one’s concern is very real……
A daughter or son in the family paralysed and completely handicapped.
Son is busy with his own family and has no time for parents, who will take care of your wife who is suffering from many problems.
A daughter who is married , but son -in-law is not reliable. You fear after you he may sell the property .
You have sister who is very poor and you always helped her. You are concerned about her. You want to help even after your demise.
Creating a private trust can solve the aforesaid concerns of yours. Why ? Because
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The property or assets which you will allocate to a trust , shall remain forever with the trust.
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During your life time , you yourself can be trustee.
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After your demise, the person you have declared in trust deed will become trustee. If you want , there can be more than one trustee.
The trustee can only do what is written in the trust deed. This means that you can actually decide before hand how the income of the trust should be spent on beneficiaries.
For example , suppose Mr X has a house property which is given on rent . Apart from this , Mr X has 10 Lakhs cash. He has two sons , three grandson, one handicapped son, one married daughter. He wants that he should help for studies of his grandsons,handicapped son and married daughter . For this he can create trust in which he will transfer his property and Rs 10 Lakhs of cash. This will become the capital of the trust. In the trust deed , he can set forth that income earned from rent and the interest on Rs 10 Lakhs should be distributed every year in the beginning of the Financial year among his grandson , handicapped son and married daughter in following ratio
Grand sons @ 10 % each.
Handicapped son @ 25 %
Married daughter @ 20 %
Balance with the trust.
During his life time , he himself can be come trustee, but he can prescribe person or a board of person who will become trustee after his death. The trustee will have to function according to the conditions set forth in the trust deed.In this way, at least ,financial help will come to the persons Mr X wants .
About taxworry
A (charitable) Hospital , a Division of an Educational & Charitable Truse, exploits the public with misrepresentations & False claims to mislead them for unjust Enrichment, the founder & trustee of the hospital being the same person, salary 1/2 through Bank & 1/2 through duplicate voucer,to show non-profit- Non-loss,thus a tax fraud, utilizing the income for personal purpose, highly lucrative business. What step should be initiated against him to stop this sort of corruption? kindly inform through my email.Waiting for your reply. Thanking you. yours sincerely, Dr. Sreenath.
What if the daughter is an assessee herself.can the parent still claim deduction.
When you form a trust, the settler should be a Indian Citizen right? What if the parents (settler) are a Indian citizens and is it possible their kids who are foreign citizen to become a trustee and manage the trust?
To,
Trustee,
Sub:- Request for financial help for Kidney Transplant .
Respected Sir / Madam,
My name is Ravi Shesherao Bandgar my age is 32 years, I am having Chronic Renal Failure ( Kidney – Failure ) Problem. I have registered for Cadaver Kidney Transplant and I am Second at BSES MUNCIPAL GENERAL HOSPITAL for Kidney Transplant Operation .The Cost of Operation and Medication is Rs 5,20,000 ( Five Lac Twenty Thousand Rupees) approximately which I can not afford. Therefore needs financial help Urgently.
Pl, Sir / Madam I request you to extend the financial help for me in the way of Cross Cheque in favour of any one name.
1) BSES M.G. HOSPITAL
Or
2) Jivan Jyot Charitable Trust
Or
3) Ravi Bandgar
Yours Faithfully,
Thanking You.
(Ravi Bandgar)
E-mail:- ravibandgar58@gmail.com
Dear Sirs,…I AM WORKING IN CENTRAL RAILWAY (RTI CELL) AND AM PAYING MY INCOME TAX EVERY YEAR (PAST 10) YEARS) I HAVE GOT MY PAN NUMBER :AFJPM8345Q BUT SO FAR I HAVE NOT RECEIVED MY PAN CARD IN SPITE OF MY SEVERAL COMPLAINTS…KINDLY LET ME KNOW WHATS THE CAUSE OF THIS DELAY?