Taxation of trust
Can the voluntary Contribution towards corpus of trust can be treated as the capital contribution of the trust in case where the application of registration of trust has been refused by the department.? or it shall be treated as the income of the trust and assessed as AOP
Replies (1)
Voluntary contributions received by a trust which is not registered under section 12AA of Income Tax Act,1961 are treated as income under section 2(24)(iia) irrespective of the fact that such contributions are towards corpus of the trust.
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