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)?
the amount as capital gain should be utilized for trust / caritable purposes then the whole capital gain is exempted . . .
You have to give explanation . . .
The assessee exercises the option available under explanation to section 11(1), to apply the income in subsequent year.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
