Home List Manuals Income TaxIncome Tax - Ready ReckonerCharitable, Religious, Educational Trust or Institutions or Organizations and Tax on Accreted Income This
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Capital gains deemed to be applied for charitable/religious purposes - Section 11(1A) - Income Tax - Ready Reckoner - Income TaxExtract Capital gains deemed to be applied for charitable/religious purposes - Section 11(1A) Where a capital asset, being property held under trust wholly or in part for charitable or religious purposes, is transferred and the whole or any part of the net consideration is utilized for acquiring another capital asset then following capital gain shall be exempt: i. where the whole of the net consideration is utilized in acquiring the new capital asset, the whole of such capital gain; ii. where only a part of the net consideration is utilized for acquiring the new capital asset, then the following capital gains is exempt. Cost of the new asset minus Cost of the transferred asset
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