Profit of trust
This query is : Resolved
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.
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
What do you mean by utilisation for business?
If it is not an exempted trust No exemption u/s 80G is
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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