| Question And Answer | |
|---|---|
| Subject: | lease deposit |
| Category: | Income-Tax |
| Querist: | bs |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | charitable trust, deposit |
| Date: | May 7, 2023 |
can a trustee take huge interest free security refundable deposit for use of his land by is charitable trust ?
This would require a detailed study of the trust deed, powers in the trust deed, reason for the loan, and bona fides of the transaction. It has to be comparable with the market rate. Provision of section 13 of the Income -tax Act has to be considered .
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