Meaning of educational purposes u/s 10(23c)

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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..

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.
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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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