Dear sirs,
Trust registered under section 12A, Transfered its Land and earned capital gain of Rs 25 Lakhs the same has been deposited in bank.
whither the income is taxable ?
or allowable under section 11(1A)?
Menu
trust
Replies (6)
if the same is invested in another land or the said gain has been used for the purpose of which the trust was formed then exempted.....otherwise taxable .....
Not yet utilized but deposited in Bank
the amount as capital gain should be utilized for trust / caritable purposes then the whole capital gain is exempted . . .
deposited in bank but may use it in future for the charitable purpose. during thr year shall i get exemption?
You have to give explanation . . .
The assessee exercises the option available under explanation to section 11(1), to apply the income in subsequent year.
Section 11 states that income arising from property HELD shall be exempt if applied. However 15% is adhoc deduction. But in case of transfer, this will not regard as income from property HELD.
Recent Topics :
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
