TMI BlogCapital Gains of a TRUST regd. u.s. 12AX X X X Extracts X X X X X X X X Extracts X X X X ..... A Trust registered u.s. section 12A is getting income from capital gains by way of sale of capital assets i.e. lands( non agri.). Since the receipts are from sale of capital assets whether the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can be taken as capital receipts and these receipts can be excluded from the mandatory spending of 85% of gross receipts or 85% of the receipts are to be spent compulsorily in the year of receipt? Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther the Trust can be allowed to carry forward the short fall if any? Is it mandatory to invest the proceeds in Fixed Assets only or the same can be utilised for the regular expenditure or for meeting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the objects of the trust ? - Reply By GOPALJI AGRAWAL - The Reply = For the purpose of application of income, it is not relevant whether receipt is of revenue nature or capital. The sale considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion may be applied either for capital expenditure or revenue expenditure but of course, acquired asset must be meant for charitable purposes. - Capital Gains of a TRUST regd. u.s. 12A - Query Starte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d By: - PMR Gowrissankar Dated:- 16-4-2011 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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