Capital gain on sale of property in the hands of charitable ...

Charitable Society Property Sale: Section 11(1A) Governs Capital Gains Tax, Overriding Section 50C for Trusts.

November 14, 2014

Case Laws Income Tax AT

Capital gain on sale of property in the hands of charitable society – Section 11(1A) in itself is a separate specific section which governs the overall taxability of capital gains in a trust and being a specific section it shall prevail over section 50C - AT

View Source

← Previous Next →

Capital gain on sale of property in the hands of charitable ...

Charitable Society Property Sale: Section 11(1A) Governs Capital Gains Tax, Overriding Section 50C for Trusts.

November 14, 2014

Case Laws Income Tax AT

You may also like:

Capital gain - real owners of property/asst - 13 members of this society are the owners of the capital asset - Capital gain shall always be chargeable to tax only in the...

Addition on account of long term capital gain - AO has not brought on record any material which establish non-genuineness of the members of the society - all the members...

Registration u/s 80G(5)(vi) - charitable activities and utilization of funds - deduction from total income on donations to be made available to donors based on such...

ITAT determined that a registered charitable trust's income should be taxed at normal rates rather than maximum marginal rates, despite undefined trustee shares. While...

Assessment of trust - Addition of capital gains - Capital gain addition on sale of land by the assessee, as per section 45 r.w.s 2(47) to the extent remaining unutilized...

Capital gain on property inherited - the property inherited by the respective assessees is their individual property and, therefore, the capital gains, if any, is...

Capital gain - sale of property by the legal heir with the co-owners - the assessee (as legal heir of the said property) is liable to capital gains tax during the year...

Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

Trust exempt u/s 11 - Capital gain computed u/ss 45-49, investment in public sector company treated as permitted capital asset u/s 11(1A). Entire capital gain utilized...

This case deals with the tax liability u/s 115BBC(1) for anonymous donations received in the "Hundi" by a charitable and religious trust. The key points are: The...

Filing requirements and income reporting structure for business and securitisation trusts under section 115TCA of the Income-tax Act, 1961. The key outcomes are:...

The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

Capital gains tax - whether the amount received by the assessee from the sale of property, the title of which was acquired by way of adverse possession and which did not...

Capital Gain - Receipt of consolidated amount - where a gain from one of capital assets was a short-term capital gain while from other it was a long term capital gain,...

Exemption u/s 11 / 10(23C)(vi) - Charitable activity u/s 2(15) - trust seeking approval as existed ‘solely’ for educational purposes - It is held that the requirement of...

Quick Updates: