Transfer of assets by a charitable trust to another trust
This query is : Resolved
29 January 2018
KIND ATTN. SIR
The assessee being a charitable trust providing yoga and other public charitable services and having branches at various places in the same town. At present the branches at various places formed new charitable trust with same objectives for administrative purposes and they have decided to transfer the assets to respective branches ie new charitable trusts with same objectives .
Kindly clarify the impact under capital gains on the parent trust side and transfer of asset without consideration and receipt of assets by the new trusts
With regards
CA.P.SHANGAR
The assessee being a charitable trust providing yoga and other public charitable services and having branches at various places in the same town. At present the branches at various places formed new charitable trust with same objectives for administrative purposes and they have decided to transfer the assets to respective branches ie new charitable trusts with same objectives .
Kindly clarify the impact under capital gains on the parent trust side and transfer of asset without consideration and receipt of assets by the new trusts
With regards
CA.P.SHANGAR
29 January 2018
Transfer the assets as donations, such donations are allowed to other charitable trust with the same objective.
30 January 2018
KIND ATTN. SIR
Whether transfer of assets through donations other than corpus donation is allowed under income tax act and whether it will be treated as income on the receipient side.KINDLY CLARIFY
Whether transfer of assets through donations other than corpus donation is allowed under income tax act and whether it will be treated as income on the receipient side.KINDLY CLARIFY
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