Charitable Society Closure
This query is : Resolved
20 June 2021
Dear Sir,
One of our client is running a school since 1998. The society is registered under Societies Act , 1860. They are having School building in there books Rs 1.5 Crores. Now the society wants to close the school and the society and during lock down there are no students. What the procedure is to be followed. and tax implication under which section
One of our client is running a school since 1998. The society is registered under Societies Act , 1860. They are having School building in there books Rs 1.5 Crores. Now the society wants to close the school and the society and during lock down there are no students. What the procedure is to be followed. and tax implication under which section
20 June 2021
Is it registered under section 12A of the income tax act.
22 June 2021
No not registered under 12A its gross receipts are around 35 lacs. From School fees
22 June 2021
Any number not less than three-fifths of the members of any society may determine that it shall be dissolved, and thereupon it shall be dissolved forthwith, or at the time then agreed upon, and all necessary steps shall be taken for the disposal and settlement of the property of the society, its claims and liabilities .
School building may be donated to a charitable trust to avoid any tax liability.
School building may be donated to a charitable trust to avoid any tax liability.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR filing obligation due to savings deposit
- Issue with no residency during Jan, Feb, March 2025 due to diff. between US and India tax years.
- NRI as second account holder of resident account
- To Keep Records
- WHAT TO SELECT IN 27Q TDS RETURN ? PAYMENT TO NON-RESIDENT
- Taxability of Capital gain - cancellation of agreement
- Regarding DTVSV application
- Advice on How to calculate the peak balance needed for schedule FA in India for US checking account?
- Import consignment accounting
- What is the last business transaction date for Voluntary Strike off?
- Joint Mutual Fund Investment Reporting on AS26/AIS
- Are part of Annual turnover for Audit purpose of 9 and 9C
- Are reflected in 2B in GST portal
- How to make any party sales or purchase recociliation
- E invoice mandatory for taxable value in a year 15 lakhs where as aggregate turnover is 6 crores
- TDS deduction.
- Leave taken during Extension period of Articleship
- Regarding TDS deduction before 15CA filing
- Reversal of Interest provision in case of MSME buyer
- ITC CLAIM ON CLEARING AND FORWARDING CHARGES IN CASE OF IMPORT
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
