{"id":29815,"date":"2022-09-17T08:13:44","date_gmt":"2022-09-17T02:43:44","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=29815"},"modified":"2022-09-20T05:53:20","modified_gmt":"2022-09-20T00:23:20","slug":"charitable-trust","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/charitable-trust\/","title":{"rendered":"Charitable Trust"},"content":{"rendered":"<p style=\"text-align: left;\">Assessee is charitable trust having object of having Goshala, construction of Hostel for Girls, Meditation center and research center etc. and also constructed a temple in premises. The trust is having registration u\/sec. 12AA and recognition u\/Sec. 80 G of the Income Tax.\u00a0 On the land own by the trust, it had developed a shopping complex and with the permission of Charity commissioner has decided to sale the shops for the purpose of using the funds for construction of cow sheds and meditation center as well as Bhojanshala etc. Till the time the sale proceeds from sale of shops are utilised for the above purpose\u00a0 the funds are are utilised assessee trust has kept the same in Fixed deposits for a period more than 13 months.<\/p>\n<p style=\"text-align: left;\">1. Whether there will be tax implication under Income Tax of above in the hands of trust?<\/p>\n<p>2. Whether there profit is taxable as capital gain?<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[34,165],"class_list":["post-29815","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-charitable-trust","qa_tag-exemption"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/29815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29815"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29815"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=29815"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=29815"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=29815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}