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Trusts

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(Querist)
05 February 2017 Are the trusts claiming exemption u/s 11 & 12 eligible for indexation benefit in respect of sale of capital assets... Thanks
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 February 2017 No indexation benefit available. They have deposit the funds in bank FDs or utilize it for buying another asset.
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Ajay Kumar

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Ajay Kumar (Querist)
05 February 2017 sir, may I know the exact provision of the act or any judicial pronouncement that supports your view
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
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.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 February 2017 Indexation is available. Compute the capital gain by indexing the cost, then apply 11(1A) to seek exemption.
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