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Section 269 of income tax

This query is : Resolved 
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(Querist)
31 December 2012 Dear Experts,

Managing Trustee has sold a land to trust. And trust settled the consideration in cash for Rs. 20 lakhs. What are the income tax requirement to be followed.
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sivadas chettoor

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sivadas chettoor (Expert)
31 December 2012 So far as the trust is concerned it is capital investment and hence no violation of any law.So far as the trustee is concerned he may be liable to pay capital gains tax.

siva208@yahoo.com
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sls associates

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sls associates (Querist)
31 December 2012 Dear sir,

Trustee is ready to pay capital gain tax. consideration is paid in cash weather it amounts to violation of 269?
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sivadas chettoor

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sivadas chettoor (Expert)
31 December 2012 No. This is transaction pertaining to sale. Section applies to loan or deposit and none of them covers your case. ok?
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