(5)In respect of lands owned or held under a private trust,—(a)where the trust is revocable by the author of the trust, such lands shall be deemed to be held by such author or his successor in interest; and(b)in other cases, such lands shall be deemed to be held by the beneficiaries of the trust in proportion to their respective interests in such trust or the income derived therefrom.Explanation.—Where a trust is partly private and partly public this subsection shall apply only to lands covered by that part of the assets of the trust which is relatable to the private trust.
