Corpous donations
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2013
DONATIONS RECEIVED FROM PERSONS FOR THE CORPOUS FUND FOR PURCHASE OF VAN FOR THE TRUST-WHETHER TAXABLE.DONATIONS ARE RECEIVED FROM DONORS WITH AN INSTRUCTION THAT THE SAME IS TO BE UTILISED FOR PURCHASING VAN.
30 September 2013
assuming trust is a charitable one, its income is anyways non-taxable as long as conditions set in section 11 are met.
The relevance of corpus donation is that it is not included in the computation for calculating amount of which 85% is to be utilized, at minimum, to remain eligible for exemption under section 11.
The relevance of corpus donation is that it is not included in the computation for calculating amount of which 85% is to be utilized, at minimum, to remain eligible for exemption under section 11.
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