Profit of trust

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CA Annie (Querist)
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26 July 2008 In case of a trust not wholly for the purpose of charity, but who obtains rental income from outside, does its profit attract tax. Can the profit be claimed as utilised in India for the purpose of the business. or can it be shown as accumulated unutilized portion? Any contribution to the trust attracts exemption U/s 80G.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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26 July 2008 If it is not an exempted trust, its income attracts Income tax.
What do you mean by utilisation for business?
If it is not an exempted trust No exemption u/s 80G is

CA Annie

CA Annie (Querist)
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26 July 2008 The trust gives room for rent to outsiders and obtains rental income. It has also charitable activity. It is registered for 80G exemption too. So does its income attract income tax?

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