Trust received Donation Income. Donation received is in invested in purchasing Property. so the Property purchased is given on Rent. Whether the Rent Received is subject to tax and under which section??
According to me, if the rental income is earned and this income is used for charitable purpose then it is exempted. There is a case law. Shri Vile Parle Kelavani Mandal (SVKM), an educational trust that runs Narsee Monjee Institute of Management Studies.