Dear all
I would like to know the Income Tax provision of the following case:
Mr. X is proprietor of ABC firm and he is also a Trustee of XYZ Trust.
Mr. X give donation from his proprietory business to XYZ Trust (having 80G certificate )in which is he is trustee.
So my Question is whether Mr.X can claim exemption of Donation from his firm?
if not what are the other remedies?
Firm is seperate from the trust. In my opinion he can claim exemption u/s 80G for the firm.
Agreed wit rajesh...
Agreed from Mr. Rajesh.
If individual mr. X is paid the amount of donation from his pocket than can he claim the amount of deduction of donations ???
Yes. He can pay give the donations in the capacity of an individual.
Yes he can very well claim the deduction U/s 80G...n if it is out of his pocket i mean if he has paid cash for the same then he has to give justification of the same when asked by the department.........
Thanks to all
CAclubindia
