Section 11 of the Income Tax

V.Manikanth (CA-FINAL) (44 Points)

23 December 2010

I HAVE A QUERY ABOUT EXEMPTIONS UNDER SECTION 11 OF THE INCOME TAX ACT 1961, ITS VERY URGENT.

Reply
Follow
Share

2 Replies

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 23 December 2010

Any income derived from property held under a trust for charitable or religious purposes to the extent to which it is applied for such purposes in India. If such income is set apart or accumulated for such purposes, then if such income does not exceed 25% of the income from the property. Section 11(1)(a)
Any income derived from property held under a trust in part for charitable or religious purposes to the extent to which it is applied for such purposes in India., If such income is set apart or accumulated for such purposes, then if such income does not exceed 25% of the income from the property. The exemption is available if the trust was created before 1.4.1952. Section 11(1)(b)
Any income derived from property held under a trust for charitable purposes to the extent to which it is applied for such purposes outside India provided that it promotes international welfare in which India is interested. Section 11(1)(c)
Voluntary contributions received by a trust or an institution towards its corpus. Section 11(1)(d)
Voluntary contributions received by a trust created wholly for charitable or religious purposes will be deemed to be the income derived from property held for charitable or religious purposes. Thus, such contributions will be exempt as provided in Section11.