Capital gain treatment in case of trusts
This query is : Resolved
Ande Aravindh
(Querist)
25 January 2018
A Trust registered under sec 12A of the Income tax Act, 1961 had sold one of its immovable property at market value to one of its trust members. Shall auditor has to report the same transation under point 6 of Application or use of income or properties for the benefit of persons referred to in sec 13(3) of form 10B
CA R SEETHARAMAN
(Expert)
26 January 2018
As the property is sold at market value no benefit accrues to trustee on this sale hence no need of reporting.
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