Capital gain arising to charitable trust - Whether it could be regarded as having been applied to charitable purposes if trust invests amount received from sale of capital asset in acquiring another capital asset for trust - Section 11(1) as amended by the Finance Act, 1970
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Capital gain application: reinvestment in new trust asset treated as applied to charitable purposes; compliance periods extended. Capital gains realized by a charitable or religious trust on sale of a corpus capital asset are to be regarded as applied to charitable purposes where the ... Summary
Capital gain application: reinvestment in new trust asset treated as applied to charitable purposes; compliance periods extended.
Capital gains realized by a charitable or religious trust on sale of a corpus capital asset are to be regarded as applied to charitable purposes where the trust transfers the asset solely to acquire another capital asset and utilises the capital gains in acquiring the new asset. Trustees seeking to accumulate income beyond prescribed limits must give notice and invest accumulated sums in specified securities; the permitted period to invest and to furnish accounts is extended to four months from the end of the relevant previous year or until the assessment-year filing deadline, whichever is later.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
