20 June 2021
Dear Sir, One of our client is running a school since 1998. The society is registered under Societies Act , 1860. They are having School building in there books Rs 1.5 Crores. Now the society wants to close the school and the society and during lock down there are no students. What the procedure is to be followed. and tax implication under which section
22 June 2021
Any number not less than three-fifths of the members of any society may determine that it shall be dissolved, and thereupon it shall be dissolved forthwith, or at the time then agreed upon, and all necessary steps shall be taken for the disposal and settlement of the property of the society, its claims and liabilities . School building may be donated to a charitable trust to avoid any tax liability.
CAclubindia
