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of <h1>Charitable Trusts: Capital Gains Reinvestment in New Assets Maintains Tax-Exempt Status u/s 11(1.</h1> The circular addresses whether capital gains from the sale of a capital asset by a charitable trust can be considered as applied to charitable purposes if reinvested in another capital asset for the trust. Under Section 11(1), as amended by the Finance Act, 1970, such gains are exempt from income tax if applied to the trust's purposes within the specified period. The Board reaffirms that capital gains used to acquire a new asset for the trust are regarded as applied to charitable purposes, maintaining the trust's tax-exempt status. Additionally, trustees are given an extended period to invest accumulated income in specified securities and furnish accounts.
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