https://www.taxtmi.com/acts?id=46196 Capital gains on transfer of trust property held wholly or partly for charitable or religious purposes are deemed applied to those purposes when the net consideration is used to acquire a replacement asset for like purposes. If the whole net consideration is reinvested, the whole gain or whole appropriate fraction is deemed applied; if only part is reinvested, deemed application equals the gain (or appropriate fraction) corresponding to the excess of the amount utilised over the cost (or appropriate fraction of the cost). Definitions specify "appropriate fraction", "cost of the transferred asset" and "net consideration." en-us Mon, 16 Dec 2024 16:43:33 +0530 Mon, 16 Dec 2024 16:43:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46196 Capital gains on transfer of trust property held wholly or partly for charitable or religious purposes are deemed applied to those purposes when the net consideration is used to acquire a replacement asset for like purposes. If the whole net consideration is reinvested, the whole gain or whole appropriate fraction is deemed applied; if only part is reinvested, deemed application equals the gain (or appropriate fraction) corresponding to the excess of the amount utilised over the cost (or appropriate fraction of the cost). Definitions specify "appropriate fraction", "cost of the transferred asset" and "net consideration." Act-Rules F. Acts / Amendment Acts Mon, 16 Dec 2024 16:43:33 +0530 https://www.taxtmi.com/acts?id=46196