We have a trust which owns a building. In the initial years, we ran a college out of this building offering PG courses. However, due to lack of students we shut down this college. Now from this year onwards, we have rented out this building to another university. They will be using the building for educational purpose and offer a variet of courses.
My query is that this trust will now receive rental income. This is the only income of the trust. Will this income be taxable ? (Note that the end use of the building is for educational purpose). The income is below INR 50 lakh.