Denial of exemption for charitable trusts limits tax relief where income benefits interested persons or arises from restricted investments. Denial of exemption under section 13(1) removes exemption under sections 11 and 12 where income or property of a trust is applied, directly or indirectly, for private religious purposes not enuring for the public, for the benefit of a particular religious community or specified interested persons, or where funds are invested otherwise than in modes permitted by section 11(5); penalties and non applicability of gift relief may follow, subject to specified grandfathering exceptions and recent legislative clarifications.