24-March-2026
Taxation
 
Equity shares received by private trust for relatives' benefit are exempt from income tax, ITAT Chennai rules
23-Mar-2026

On September 1, 2021, Mr Srinivasan had set up a private trust for his family. Throughout the year, the trust received shares worth Rs 15.78 crore as a contribution from Mr Srinivasan, and because of this, the trust treated this transaction as not taxable due to an exception in Section 56(2)(x) the Income Tax Act 1961.

News Source:- https://economictimes.indiatimes.com/wealth/tax/equity-shares-received-by-private-trust-for-relatives-benefit-is-exempt-from-income-tax-itat-chennai-rules/articleshow/129743041.cms
 
 
 

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