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
Thank u sir for ur valuable feedback :)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Gift of mutual fund units to daughter
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Bank Accounts in Balance Sheet for ITR 3
- Reporting of STCG on Property in ITR
- Annual return of gst limit
- Capital gain of property recd from partnership firm
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
