Income from other sources exemption to trust society
This query is : Open
24 November 2018
If a charitable trust/society purchases a land from a company (Pvt Ltd) at a price less than the circle rate, then :
Will the difference amount (price at circle rate – actual consideration paid) be added to the “Income from other sources” of the society / trust ? Or is there any exemption to societies/ trusts ?
Under which section Of Income tax Act is such exemption?
Will the difference amount (price at circle rate – actual consideration paid) be added to the “Income from other sources” of the society / trust ? Or is there any exemption to societies/ trusts ?
Under which section Of Income tax Act is such exemption?
24 November 2018
taxable under 56(2)(x). believe it was answered earlier today too.
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24 November 2018
But sir, there are exemptions given in sec 56 (2) (x) under point 7, which I wanted to clarify.
It says: Provided that this clause shall not apply to any sum of money or any property received from or by any trust or institution registered under section 12 A.
What I could infer is that societies and trusts are exempted. Am I correct ?
It says: Provided that this clause shall not apply to any sum of money or any property received from or by any trust or institution registered under section 12 A.
What I could infer is that societies and trusts are exempted. Am I correct ?
24 November 2018
thats bad. my mistake. I apologise to you made. you are correct if the said organisation has 12A registration.
24 November 2018
Dear sir, the exception clause is written below paragraph no (c) of 56 (2)(x)... please see through the act..!!
Does this exception clause is for paragraph (c) only or for complete 56 (2) (x) ?
Does this exception clause is for paragraph (c) only or for complete 56 (2) (x) ?
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