NON TRADING CONCERN
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 May 2011
An association (Non-Trading Concern) not registered under section 12 A of the income tax Act, receives grants from government for construction of building. Whether the same is taxable.
Kindly clarify. The grant is specifically for construction of association building only.
Kindly clarify. The grant is specifically for construction of association building only.
13 May 2011
Grant being a capital receipt by virtue of explanation 10 to section 43(1) of the Income tax Act,1961, it is tax free.
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