Succession and Tax Planning Through Trusts and Wills

Vision Books
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How to bequeath your wealth to your successors — and save taxes

Trusts and Wills are two ways of legally distributing your wealth to your intended successors or other beneficiaries. Intelligently planned, these two methods can also help you save tax for yourself and your successors.

While Wills are better known, tax and succession planning through private or family trusts is also a tried and tested way of transferring assets and creating income for your successors, including unborn persons. In fact, private trusts have several great advantages over a Will. While a Will is often challenged in the courts — and the resultant dispute can take years to be settled — a properly created trust can help you pre-empt any such family strife. Secondly, by creating the right trust you can pass on your wealth even during your lifetime.

This book offers expert guidance on how to bequeath your wealth as you want, whether by means of trusts or through a valid Will, in a tax-efficient manner:

● The various types of private and family trusts you can set up.

● Principles and procedure for creating a valid private trust.

● Advantages and tax planning aspects of private trusts.

● The concept and advantages of a living trust.

● How to transfer wealth to your family members, including minor children, during your lifetime through a trust.

● How to draft, execute and register your Will.

● What you can bequeath through your Will — and what you can't.

● How to create a new HUF through a Will.

● Ready-to-use drafts of typical Wills.

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About the author

Ram Niwas Lakhotia is a well-known authority on taxation in the country. He is a regular writer and editor of several books on Income-tax, Vegetarianism and also Humour. His various books have seen over 500 editions so far. He regularly writes for leading newspapers. He had a brilliant academic career. He stood First Class First in both the Degree and Post-Graduate Examinations in Commerce. He joined the Indian Revenue Service and stood First in the whole of India in the I.T.O’s Examination.

As the founder Chairman of Rajasthani Academy, New Delhi he is active in social service and cultural activities. Every year he awards "Lakhotia Puraskar" of Rs. 1 lakh, declared by the Central Government as a National Award for the best writer in Rajasthani language. He is past District Governor of Lions Clubs International. As the President of Vegetarian Congress of Delhi he is spreading Vegetarianism for Health and Happiness. He is Trustee of several Charitable Trusts. He has addressed over 5,000 seminars & lecture meetings in India and abroad. He was conducting a very popular show "Tax Doctor" of Zee Business.


Subhash Lakhotia is the Director of R. N. Lakhotia & Associates LLP. He is an Income-tax Practitioner for the last over 45 years. He regularly writes in various national dailies. He is the Director of Lakhotia College of Taxation & Management. He is practising as a consultant on tax planning, tax documentation and investment planning. He has also addressed a number of seminars and lecture meetings on taxation and tax planning and is conducting the popular course known as "Zero to Hero in Direct Taxes."

He was selected as the best youth of India by the Lions International to represent India at the World Youth Congress held at Atlantic City, USA in 1970. He is Secretary General of Investors Club and President of Spiritual Clubs International and Unite to Invest (UTI). He is Chief Strategist of Real Estate Strategy Group and is actively associated with various professsional bodies connected with real estate. He has written books on income-tax, investment and real estate and spirituality. He is actively associated with Lions Clubs International. He has been awarded the "Sahityashree" award and "The Suryadatta National Award, 2010". In the year 2014 he was awarded the "Ambassador of Good Will" award by The International Association of Lions Clubs, USA.

Mr. Subhash Lakhotia is conducting a very popular show "Tax Guru" on every Wednesday, Saturday and Sunday on "CNBC AWAAZ" a popular TV Channel from the house of CNBC. Recently the 500th episode of Tax Guru was aired on the TV channel. The National Television Award, 2010 for "Best Business Talk Show of the Year" has been awarded to the Tax Guru programme. He has instituted "Subhash Lakhotia Shrawan Kumar Puraskar" of Rs. 1 lakh per year and another award known as "Subhash Lakhotia Sewa Puraskar" also of Rs. 1 lakh per annum.

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Additional Information

Publisher
Vision Books
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Published on
Dec 20, 2014
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Pages
241
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ISBN
9788170949381
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Language
English
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Genres
Business & Economics / Finance / Wealth Management
Business & Economics / Personal Finance / General
Business & Economics / Personal Finance / Taxation
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Content Protection
This content is DRM protected.
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Every year, the Union Budget changes some tax provisions or the other. Which means every year you need expert guidance to figure out your best tax-saving options because while some tax reliefs may be obvious — others are buried in fine print.

Every year, India's top taxation experts R.N. Lakhotia and Subhash Lakhotia provide you just that — all the best tax-saving solutions that you can profitably use, all packed in this bestselling tax guide.

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Find out how you can reduce your taxes in FY 2015-16:

● Tax saving through full claim of tax exemptions, deductions and rebates
● How to reduce tax on your salary and perquisites
● How to save tax on income from house property
● How to save tax on capital gains
● How to save tax through gifts and trusts
● How to compute your taxable income
● Filing your income tax return — the easy way
● Tax planning for different stages of life
● How to plan your investments to minimise taxes.

Full of practical examples and expert guidance, this book is India's most trusted tax-saving guide, which is why The Hindu newspaper hails it as a book "packed with hundreds of ready-to-use tax saving ideas".

And, remember, tax saved is additional money in your bank — to spend or invest as you want!

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All of us want to be successful in life. All of us dream of being rich, of becoming a millionaire — and then a multi-millionaire.

Expert investment consultant and the famous 'Tax Guru' of CNBC- Awaaz, Subhash Lakhotia firmly believes that anyone can become a multi-millionaire. The only condition is that your resolve must be absolutely unshakeable. Nothing can then stop you, whether it be a lack of finances or the absence of a formal educational degree.

Come, dream big — and discover how you can fulfil your dreams . . .

This rousing book combines practical money-making ideas with proven mantras of inspiration, self-discipline, enthusiasm and motivation:

● The path to millions is paved with savings, savings, and more savings
● Quit India! — and become a multi-millionaire
● Never put all your eggs in one basket — easy, sensible ways of spreading your risks
● Buy two, sell one, retain one — profit from this powerful money-making mantra
● Don't expect others to make you rich
● Save tax — but never, never evade taxes
● How to grow rich from the 'New UTI' — the United to Invest strategy
● How to make a killing in real estate by innovative thinking
● Never let your enthusiasm flag — simple, practical ways to pump yourself up when you are down.

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