Tax on donation
This query is : Resolved
10 August 2018
A trust receive land as a gift or donation. what will be its tax treatment in the hand of donor and donee.
If it generates income from such land, what will be its income tax treatment.
If it generates income from such land, what will be its income tax treatment.
10 August 2018
Taxable in the hands of the donee u/s 56(2)(x)(b)(A).
Income is also taxable, but can seek exemption u/s 11 if the trust is registered
u/s 12A provided it is spent for the objects of the trust.
Income is also taxable, but can seek exemption u/s 11 if the trust is registered
u/s 12A provided it is spent for the objects of the trust.
10 August 2018
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