{"id":26611,"date":"2022-04-22T00:06:15","date_gmt":"2022-04-21T18:36:15","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=26611"},"modified":"2022-04-26T15:10:53","modified_gmt":"2022-04-26T09:40:53","slug":"section-562x","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/section-562x\/","title":{"rendered":"Section 56(2)(x)"},"content":{"rendered":"<p>An individual settles his property to a private discretionary trust which has beneficiary as his brothers, brothers&#8217; wife, brothers&#8217; children and their spouses and their children.<\/p>\n<p>Since all the persons do not come within the definition of relative as defined in explanation to 56(2)(vii) , it may not be covered by the exception provided by proviso (X) to 56(2)(x).<\/p>\n<p>Question is, it being a discretionary trust where the individual shares are not defined, will section 56(2)(x) apply?\u00a0 If applied then how will one compute taxable part?<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[569,485],"class_list":["post-26611","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-private-discretionary-trust","qa_tag-section-562x"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/26611","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=26611"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=26611"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=26611"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=26611"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=26611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}