Whether Amount Received from Private Trust is taxable in the hands of beneficiary?

[Bhaskar Balooni]

Hi Professionals,

Mr. X is a beneficiary of a Private Trust. At the time of dissolution of said trust, he got a sum of Rs. 8 lakh. Now the question is that, whether the amount will be taxable in the hands of beneficiary? or whether any exemption is available under Income Tax Act, 1961 in this regard?

Thanx