Trusts/Society
This query is : Resolved
27 April 2009
Hi! If an society make a investment in project (which is approved as charitable by Govt.) of another society/ trust as investment in furniture & Equipments and society making an investment, wants to withdraw it's investment & profit in future. Will it still be qualified under 85% limit of expenditure Sec 11(1). Can investment (other than donation) in another society be qualified as expenditure?
27 April 2009
Yes investment in another society will be a qualified expenditure since it is apporoved as charitable by govt.
27 April 2009
Thanks & what will happen when another society repay investment with profit to donor society.
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