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
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- ADVANCE PAYMENT OF ADVOCATE
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Eway bill generation from place other than registeted
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
