Trusts
This query is : Resolved
05 February 2017
Are the trusts claiming exemption u/s 11 & 12 eligible for indexation benefit in respect of sale of capital assets...
Thanks
05 February 2017
No indexation benefit available. They have deposit the funds in bank FDs or utilize it for buying another asset.
05 February 2017
sir, may I know the exact provision of the act or any judicial pronouncement that supports your view
05 February 2017
Refer section 11(!A). Whole of the net consideration is utilized in acquiring the new asset, the capital gain is exempted from tax. In case of part utilization of net consideration in acquiring the new asset the left out portion will be the income of trust for the year.
06 February 2017
Indexation is available. Compute the capital gain by indexing the cost, then apply 11(1A) to seek exemption.
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
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- LC charges in relation to Asset purchased should be Capitalised ?
- Copyright software
- Value of property in capital gain
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding TDS Applicability For Director Remuneration
- Transporter Declaration form
- Multiple trade mark
- Sale Incentive booking
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
