hi sir,
one of my friend gifted a land to 80G certified chariable institution, whether this transaction considered as donation, can this transaction eligible for 80G deduction. he poccessed with gift deed.
Menu
80G DEDUCTION
Replies (6)
1. According to explanation 5 sec 80G(5D), "no deduction will be allowed under this section in respect of any donation unless such donation is of a sum of money"
2. From the above reading, we can conclude that donations should be given in money terms otherwise it will not be allowed as deductions.
3. In your case land was provided as a gift to a certified charitable institution, hence it should not be allowed as deduction.
Please correct me if the above solution has an alternative view.
such gift is taxable under Capital Gain???
1. According to sec 47 Capital asset given as a gift will not be considered as transfer and thus Sec 45 cannot be invoked. Hence, land given as a gift to Charitable Institution will not attract Capital gain tax.
Please correct me if the above solution has an alternative view.
is that the gift is taxable in the hands of my friend
The gift is taxable to trust u/s. 56(2) of IT act.
good clarification and information
Recent Topics :
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
- FAST DS 2026 MAIL QUERY
- Does Anyone need CA Foundation books of May2026 at
- Last day for ITR-U for AY 2023-2024 (FY 2022-2023)
- Sale of shares in indian company by a non resident
- Difference in TIS
- GSTR-9C Upload Status Error Occured
Related Topics :
CAclubindia
