Application of Paragraph 51A of the Eighth Schedule
Please could some clarity be provided regarding the following situation:
A property is owned by a Will Trust, the Will Trust wants to transfer the property to a spouse of the Beneficiary (this beneficiary is deceased).
Paragraph 51A of the Eighth Schedule of the Income Tax Act includes Trusts in the moratorium. Does the moratorium apply to Testamentary Trusts (Trusts created in a will)? As the wording of the necessary section does not specifically exclude a Testamentary Trust, have any of the readers found any provision that would exclude a testamentary Trust?