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)?
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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.
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