Trust
This query is : Resolved
20 August 2014
Donation received for purchase of land where it is to be shown in final accounts of the trust . Trust is registered u/s 12AA
20 August 2014
dear sir,
if the donation has been recd with a specific direction that it will form the part of corpus , then it will be capital receipt and will be directly credited to corpus fund. the benefit of receiving the corpus fund is that corpus recpt does not form the part of income (pls refer to sec 12 (1)). moreover application corpus fund is also exempt from sec 11 (2).hence it is better to receive corpus donation for capital expenditure
if the donation has been recd with a specific direction that it will form the part of corpus , then it will be capital receipt and will be directly credited to corpus fund. the benefit of receiving the corpus fund is that corpus recpt does not form the part of income (pls refer to sec 12 (1)). moreover application corpus fund is also exempt from sec 11 (2).hence it is better to receive corpus donation for capital expenditure
20 August 2014
agree with Sunil ji
20 August 2014
yes, it Mr sunil is correct . it part of corpus and its show separately and assets purchases against this fund also show as assets.
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- FEMA regulation Act. for inward remitance
- Difff in ais receipts and gst turnover
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
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
