| Question And Answer | |
|---|---|
| Subject: | income tax section 11, 12 and 50CA |
| Category: | Income-Tax |
| Querist: | R K S |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | S. 50CA, Trust |
| Date: | March 30, 2023 |
The trust registered u/s 12AA and 80G received unquoted shares as donation and sold the shares by market auction. the sale price was below net worth of shares. whether provisions of section 50CA will be applicable on the trust.
Yes, section 50CA of the Act is an anti-abusive provision which will determine the capital gains in the said transactions. However, the application of the Capital gains i.e., Income can be as per section 11(1A) of the Act.
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there are judgement that 50c is not applciable to trust as its computation is a separate code, whether this will be applicable to 50 CA