Corpus investment requirement: voluntary corpus contributions must be placed in specified modes to qualify for tax exclusion. Voluntary contributions directed to corpus qualify for exclusion only if invested or deposited in the specified corpus forms; distributions from corpus or from borrowings are not applications of income unless reinvested into the specified corpus forms or repaid from income in the year of repayment, respectively. Calculation of required application or accumulation must ignore set offs or allowances for excess applications from years before the previous year. References to the registration procedure are inserted to align exclusions and deeming rules with registered entities.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Corpus investment requirement: voluntary corpus contributions must be placed in specified modes to qualify for tax exclusion.
Voluntary contributions directed to corpus qualify for exclusion only if invested or deposited in the specified corpus forms; distributions from corpus or from borrowings are not applications of income unless reinvested into the specified corpus forms or repaid from income in the year of repayment, respectively. Calculation of required application or accumulation must ignore set offs or allowances for excess applications from years before the previous year. References to the registration procedure are inserted to align exclusions and deeming rules with registered entities.
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