XYZ Trust (no 80G & 12AA Registration) can give loans to out side individual person (he is not trustee). Main Objective of trust is providing Education and health to poor people. So can Trust give loan to outside person?
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Can trust given loans to others (other than trustee)
Replies (1)
Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under Income Tax Act’ 1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust.
The consequences of non applicability of section 11 and 12, 8tax benefits) will be such that, the trust will be assessed as association of persons.
The consequences of non applicability of section 11 and 12, 8tax benefits) will be such that, the trust will be assessed as association of persons.
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