{"id":18238,"date":"2021-05-15T18:09:26","date_gmt":"2021-05-15T12:39:26","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=18238"},"modified":"2021-05-20T21:27:59","modified_gmt":"2021-05-20T15:57:59","slug":"section-562-vii-taxability-in-the-hands-of-a-private-trust","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/section-562-vii-taxability-in-the-hands-of-a-private-trust\/","title":{"rendered":"When a person  desires of  setting up a Private  Trust where he is the sole beneficiary , whether provision of S. 56(2)(vii) is applicable ?"},"content":{"rendered":"<p>An individual holding OCI CARD is desirous of setting up a Trust in India and be the managing trustee and the beneficiary till he is alive . He is desirous of transferring his immovable property in India and also his income from abroad to the trust.<br \/>\nWill there be any levy of tax u\/s 56 (2)(vii) as the recipient is \u00a0a trust or there will be no tax as he is the transferor and also the beneficiary<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[151,152,86],"class_list":["post-18238","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-private-trust","qa_tag-sole-beneficiary","qa_tag-taxation-of-trusts"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/18238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=18238"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=18238"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=18238"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=18238"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=18238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}