Can somebody please tell, what is the time limit for acquiring or constructing new asset, as property held under trust for claiming exemption u/s 11(1B) of IT Act, 1961
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Section 11(1b) query
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In order to avail exemption under Section 11 of the Income Tax Act, the following conditions must be satisfied: The creation of the trust must be done for the fulfilment of a lawful purpose. The establishment of the trust must be for charitable purposes, precisely what Section 11 deals with
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