Asset transfer to family trusts non-taxable

Finance Bill 2017 had originally proposed taxing gifts made to trusts

The final draft of the Finance Bill  should make people who use family trusts for tax planning happy. The original proposal to tax gifts (in the Bill as announced at the time of the Budget) has been amended. However, the provision to tax dividends received in excess of Rs 10 lakh by these trusts remains.      
 
For the past few years, there have been rumours that the government might impose an inheritance tax, as is prevalent in the US and the UK. This means a portion of a person’s estate would be taxed (in the US and UK, this tax