IIT Delhi alumni to donate a part of their assets to the institute in their will

IIT Delhi alumni to donate a part of their assets to the institute in their will

The Indian Institute of Technology, Delhi (IIT-D) has reached out to its alumni and urged them to donate a part of their assets to the institute in their will. As of now, two alumni have pledged to name the institute as a beneficiary in their will. “We have been requesting our alumni, particularly the ones comingfor the Golden Jubilee celebrations, to leave something in their willfor the institute. In a couple of cases, we have already got a response.Ram Matta, from the 1976 batch, said he initially thought of leavingsomething in his will for the Stanford University, but has nowdecided to contribute the amount to IIT-D. However, he hasn’tmentioned how much,” said Sanjeev Sanghi, Dean, Alumni Affairs. “Another alumnus, Ramesh Kapur from the 1968 batch, has said hewould leave one million dollars. Both of them are NRIs living in theUS. It probably works out better for them because according to theirinheritance rules, after a particular amount, if you give your moneyto your children, it’s taxed at 80 percent,” he said. Alumni also contribute to the institutes by making the donations. For example, Kapur has pledged a scholarship of INR 2.4 crores for the students who are coming from a financially challenged background. Another alumnus, Amarjeet Bakshi from the 1968 batch has given INR 1 crore to the institute and has pledged to donate the same amount by for the next 10 years. “Saurabh Mittal, based in Singapore, has pledged to give Rs 10 crore for an indoor stadium,” said Sanghi. The institute is also in the process of setting up an ‘Alumni Endowment Fund’. “The interest and earnings from these funds will be used by the institute wherever it wants,” Sanghi said.

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