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Pardeep1000

This query is : Resolved 
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15 August 2007 A Society is worked as NGo but not Registered U\S 12A of Income tax Act . It receive State govt. Grants for Capital Asstets on condittions that thease Assets will taken back or transferred to similiar NGO if the Society not functioning in future. whether these Grants are Capital receipts or Reveue Receipts.
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CA Prasanna Krishnan V

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CA Prasanna Krishnan V (Expert)
15 August 2007 Dear Sir

No doubt, it is capital receipt to be accounted as 'received towards corpus- in kind'.
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Raj

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Raj (Expert)
16 August 2007 Yes capital receipt it is.
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PardeepJain

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PardeepJain (Querist)
17 August 2007 Thank you very much.
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