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Conversion of CSR trust into companies as per Income Tax Act
I wanted to know the provision under the income tax act for conversion of CSR Trust into a company and pursuant to such conversion whether transfer of assets will attact Capital Gain Tax?
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Converting a trust to a Section 8 company is governed by Section 366 of the Companies Act, 2013. While capital gains tax could technically arise on the transfer of assets, it can typically be mitigated by ensuring the proceeds or assets are applied toward charitable purposes as per the requirements of Section 11 of the Income Tax Act. Proper intimation to tax authorities and timely re-registration for 12AB/80G status are essential.
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