Income from Sale of Book
This query is : Resolved
07 April 2008
Dear Sir,
My client is President of a Charitable society and Chairman of Private Trust both are missioned with imparting Education and claiming deduction u/s 10(23)c of the IT Act.
In this situation, the above said person come-up with a text book for primary school student by his professional capacity.
The book was published by the Publishing house run by his son.He is marketing the books to various educational insti. including the School running under the Socity and Trust where he is headed.In such a case,
1.With the Capacity of President , can he market the book to Trust/ Society? .
My client is President of a Charitable society and Chairman of Private Trust both are missioned with imparting Education and claiming deduction u/s 10(23)c of the IT Act.
In this situation, the above said person come-up with a text book for primary school student by his professional capacity.
The book was published by the Publishing house run by his son.He is marketing the books to various educational insti. including the School running under the Socity and Trust where he is headed.In such a case,
1.With the Capacity of President , can he market the book to Trust/ Society? .
07 April 2008
yes he can market his own book to the Trust/ Scociety. their are no legal binding to restrict this kind of marketing.
08 April 2008
AS LONG AS THE BYE LAWS OF TRUST AND CHARITABLE SOCIETY BOTH OF WHICH HE IS HEADING ,DO NOT PROHIBIT HIM FROM MARKETING ACTIVITIES OF THE BOOKS WRITTEN BY HIM /OTHERS, THERE IS NO BAR OF ANY ILLEGALITY /VIOLATION.
BUT HE BEING A PRESIDENT OF SOCIETY OR TRUST ,THE PURCHASE COMMITTEE OF BOTH THE TRUST AND SOCIETY SHOULD MAKE A NOTE OF THE FACT OF HIS INTEREST IN SUCH A TRANSACTION OF PURCHASE OF BOOKS MARKETED BY HIM.
R.V.RAO
BUT HE BEING A PRESIDENT OF SOCIETY OR TRUST ,THE PURCHASE COMMITTEE OF BOTH THE TRUST AND SOCIETY SHOULD MAKE A NOTE OF THE FACT OF HIS INTEREST IN SUCH A TRANSACTION OF PURCHASE OF BOOKS MARKETED BY HIM.
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
