Hi all.
My query is while computing capital gains of a regd trust (Charitable trust) whether the NET consideration or just the amount of capital gains should be invested in a new capital asset?
For eg sale of property Rs 500000, and capital gains is Rs 75000. what amount should be reinvested??
pls reply asap
The Gross Consideration Received will be taxable ..
Agree with view expressed by Rahul..........
Net consideration of whole should be invested,if part there of is invested then
Total Net consideration-New Capital asset= Taxable amount,
even if 85% of such income is spent in current year then it is exempt.
Thank you.
PARV & Co.
New Delhi
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Kothari Jain Patil & Chartered Accountants
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