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My relative has included me as a Trustee in an educational trust along with her son. Is this somethi


09-Mar-2023 (In Startup Law)
My relative has included me as a Trustee in an educational trust along with her son. Is this something I should/must declare in my Personal Income Tax and is there anything I should be concerned about to ensure I am not liable for any wrongdoing? The trust is Private and based in Maharashtra. It isn't that I do not trust her but she tends to be careless and cut corners in financial and legal matters. Hence, the concern. Any advice is appreciated. I do not require detailed legal advice only tope 2/3 things to look out for or questions to ask in order to indemnify myself. Thank you!
Answers (1)

Answer #1
868 votes
Well, if you are drawing any Salary or receiving any Income as a Trustee, then, you should declare this while filing your IT Returns. Otherwise, you'll be held liable for not disclosing this and as such, you have to face legal trouble
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