For charitable trusts, bank fixed deposits made for six months...

For charitable trusts, bank fixed deposits made for six months or more from the net consideration received on transfer of trust property qualify as another capital asset for capital-gains exemption under section 11(1A). CBDT Instruction No. 883 extends the expression to such deposits. Form No. 10 is unnecessary where the consideration has already been invested rather than accumulated for later application. Unrecoverable tax deducted at source may be treated as application of income where no refund has been claimed and the amount has a direct nexus with the trust's income receipts.