Easy Office

Contribution to charitable trust not registered u/s 12A

This query is : Resolved 
Profile Image

Profile Image

(Querist)
20 January 2020 Settler's or trustees' contribution to corpus fund is capital receipt and not part of income. But if it exceeds 50000/- in cash, will it be covered under sec 56(2) and taxed as income from other sources?
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
20 January 2020 Yes it will be covered under sec 56(2) and taxed as income from other sources.
Profile Image

Naveen Kumar Jain

Profile Image

Naveen Kumar Jain (Querist)
20 January 2020 Will position be same even if payments for contribution towards corpus are made by bank transfer and not in cash?



Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
20 January 2020 Yes the position will be the same for bank transfer.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


Easy Office

Trending Online Classes

view all classess
CCI Pro


Answer Query



Quick Links