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of <h1>Amendment to Section 11 of Income-tax Act: New Rules on Capital Gains for Charitable Trusts Explained</h1> The amendment to Section 11 of the Income-tax Act introduces sub-section (1A), addressing the treatment of capital gains from the transfer of assets held under trust for charitable or religious purposes. If the net consideration from such a transfer is used to acquire a new capital asset for similar purposes, the capital gain is considered applied to charitable or religious purposes. The extent of this application depends on whether the entire or part of the net consideration is used. The amendment also defines terms like 'appropriate fraction,' 'cost of the transferred asset,' and 'net consideration' for clarity in applying these provisions.
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