CA Anilkumar Shah has earlier explained the law relating to the taxation of donations to the corpus of a trust which is not registered under sections 12A/AA of the Income-tax Act, 1961. He has now answered queries on the effect of clause (x) to S. 56(2) of the Act on the taxability of corpus donations and also for donations from one trust to the other. A pdf version of the article is available for download
In response to my previous article published on itatonline.org, there were queries raising doubts on taxability of corpus donations, in view of insertion of cl. (x) to Sec.56(2) of the Act and also for donations from one trust to the other. In the following article, I have tried to analyse the issues for corpus donations.
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