Gujarat Chamber of Commerce & Industry, in association with Institute of Chartered Accountants of India (ICAI), organized a seminar on “Succession Planning: An Imperative to Wealth” on April 19, 2014 at GCCI.
In his welcome address, Shri Shankerbhai Patel, President, GCCI outlined the importance and need of Succession Planning for family businesses as well as large corporates in order to preserve the legacy of business in long-term. Shri Mukesh Shah, Chairman, GCCI Finance Banking Committee, elaborated on the relevance of Succession Planning in India with respect to international context and the need of estate duty in the present scenario.
Ms. Gautami Gavankar, Head of Estate Planning Division, Kotak Mahindra talked about the steps for succession planning, different types of Trusts, advantages and disadvantages of Wills and Trusts, and the need of Corporate Trustee.
Shri Dileep C. Choksi, Founder and Promoter, C. C. Chokshi Advisors Pvt. Ltd. explained about the Taxation implications in forming Trusts and Family Business Succession through Trusts. He highlighted the taxation complexities in succession planning through illustrative family composition examples and case laws.
The seminar concluded with questions from participants and Vote of Thanks by Shri Aniket Talati, Chairman, Ahmedabad Branch of WIRC of ICAI.