28 October 2022
With reference to the investment in other shares, the trust has to dispose of the same as per the provisions of Section 13(1)(d) of Income-tax Act,1961. The trust though is not permitted to acquire these other shares but can receive any shares by way of donation from any person and in such a situation, the law allows the trust to receive the shares by way of donation but the same has to be disposed off within one year and the proceeds has to be invested as per the mode of investment allowed as per Section 11(5) of the Income-tax Act,1961.
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