Can a Charit.Trust give loan to a Tennis Academy
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 December 2009
Can a charitable Trust Registered u/s.12A and having the 80G exemption certificate, give loan to a Tennis Academy- which is giving coaching to the Tennis Players.
Whether loan can be given if yes, int.free or int, what is the rate( Min.. and Max..)
Note: In Trust objects there is a clause about the promotion of the Tennis.
Very Very Urgent.
Whether loan can be given if yes, int.free or int, what is the rate( Min.. and Max..)
Note: In Trust objects there is a clause about the promotion of the Tennis.
Very Very Urgent.
Barun Kumar Ghosh
(Expert)
26 December 2009
As one of the objects of the charitable trust is to promote Tennis, the trust can definitely pay loan to the Tennis. The trust can claim such loan as part application of its income for charitable purpose under section 11.
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