Tax benefit
Hi, I'm a legal resident of the United States on a work permit. I would like to sponser a child's education in India, not through any agency but as an individual. I am not sure if I need to set up a trust fund for this. My question is - will I get a tax benefit only if I set up a trust or if I do it from my personal account or not at all? Thanks in advance!
2 Answers from Attorneys
Re: Tax benefit
You can do it on your own for one person, but if you want to do on a large scale then you have to form a charitable Trust and somebody should be able to manage the trust here and run on your behalf.
thanks
Regards.
B.Balasubramanya
advocate.
Re: Tax benefit
If you want to avail tax benefit - you need either to set up your own trust or (better alternative) you can donate to an approved trust who may look after similar work - like CRY etc. There are many trusts which are doing excellant work in this field.
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