Pl. clarify the application of section 56(2)(x) of income tax act to an association of persons not covered under 10(23)(C) not holding 12A Regn. The gift of immovable property made in May 2017 is by the members of governing body to the AOP and the gifted property is such that without which the Educational institution will loose recognition. In view of paralel amendment in Sec. 2(24)(xviia) can there be any scope for exemption from treatment as deemed gift?
No.
It will be taxable gift.
Hi,
I agree with your article.I am glad to be one of many visitors on this outstanding site. Like this I want you to write some more blogs to help users.
Since Education should not be considered as business, people who want to start an educational institution should consider a not-for-profit business model rather than a for-profit business model because it satisfies the owner’s interests and would act in the public interest. It is very hard for these not-for-profit organizations to raise funds unless it is sponsored by a rich person who wants to put money in a trust for the benefit of the society. Not-for-profit institutions will also face difficulties to raise funds when there is an economic downturn or when unemployment rates are high. However, the benefits that these Non-Profit Organizations receive are far more in number than the restrictions that they face.
here I want to give some more suggestions that i found,maybe it is useful to Your viewers and Enhances their knowledge about the educational institution plz check out-
<a target='_blank' rel='nofollow' href="https://pragathiacademy.com//">Educational institution</a>
Thanks for sharing with us keep posting.
Useful post! Your article’s Content and your article skills are always good. IFDA is the best institute for Computer Courses in Delhi and after that any courses IFDA is providing paid internship & 100% job placement. best-computer-course-institute-in-Delhi”
CAclubindia
