Trust exempt u/s 11 - Capital gain computed u/ss 45-49, ...

Trust's capital gains from permitted investments are exempt if utilized for immovable property. Interest income from fixed deposits & savings accounts is deductible.

Case Laws Income Tax

July 6, 2024

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 for purchasing immovable property, AO directed to verify and allow relief. Interest income from fixed deposits and savings accounts, being income from permitted mode of investment u/s 11(5), eligible for deduction u/s 11(1), CIT(A)'s separate disallowance set aside.

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Trust exempt u/s 11 - Capital gain computed u/ss 45-49, ...

Trust's capital gains from permitted investments are exempt if utilized for immovable property. Interest income from fixed deposits & savings accounts is deductible.

Case Laws Income Tax

July 6, 2024

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