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Trust

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(Querist)
29 March 2012 sir
if a trust register under 12A, not spend any amount on public charitable purpose, but deposit the same as FD specified under 11(5), can trust can get exemption.
thanks
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CA Hardik

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CA Hardik (Expert)
29 March 2012 yes trust will get exemption in current year but in next year u have to use that depost for charitable purpose or else fund remaining in 11 (5) would be taxable in that financial year.
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Nilang

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Nilang (Expert)
29 March 2012 you can claim exemption u/s.11.
However you have to file declaration with your AO before the due date of filing of return (31st July) in Form 10 specifying the period for which investment to be made (which should not exceed 5 years) and at the end of which the amount will be spend for charitable purpose.You can claim exemption for all the year the amount invested as per section 11(5).
Thanking you,

CA.Nilang A Dalal
09374821453
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