Meaning of educational purposes u/s 10(23c)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 December 2011
Whether construction of school building would entitle the assessee to claim the exemption u/s 10(23C)keeping in view the fact that no formal schooling has yet been started..
Whether construction of school building would entitle the assessee to claim the exemption u/s 10(23C)keeping in view the fact that no formal schooling has yet been started..
31 December 2011
Assessee is entitled to claim exemption from its income. In a case where the assessee is constructing a school building owned by himself, he is not earning any income from such activity.
.
As a contractor, if he is constructing the school building for his contractee, the construction income is taxable as Business Income.
.
As a contractor, if he is constructing the school building for his contractee, the construction income is taxable as Business Income.
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