{"id":26752,"date":"2022-04-30T19:17:17","date_gmt":"2022-04-30T13:47:17","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=26752"},"modified":"2022-05-05T05:27:19","modified_gmt":"2022-05-04T23:57:19","slug":"taxation-on-conversion-of-private-specific-trust-to-discretionary-trust","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/taxation-on-conversion-of-private-specific-trust-to-discretionary-trust\/","title":{"rendered":"Taxation on conversion of Private Specific Trust to Discretionary Trust"},"content":{"rendered":"<p>A private Specific Trust wants to convert itself into Discretionary Trust. What will be the tax impact and whether it will be assumed that on conversion private specific trust is first dissolved and thereafter discretionary trust is formed?\u00a0 Further, the specific trust presently has huge investments in shares of various private companies and are shown at cost price the question is whether on conversion the shares will have to be revalued and brought to tax in the hands of beneficiaries at the time of conversion and further shares are held for more than 24 months, the question is whether on the conversion of trust into discretionary trust the holding period for the working of the capital gain will change.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[151,570,86],"class_list":["post-26752","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-private-trust","qa_tag-specific-trust","qa_tag-taxation-of-trusts"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/26752","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=26752"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=26752"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=26752"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=26752"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=26752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}