24 November 2018
If a charitable trust/society purchases a land from a company (Pvt Ltd) at a price less than the circle rate, then : Will the difference amount (price at circle rate – actual consideration paid) be added to the “Income from other sources” of the society / trust ? Or is there any exemption to societies/ trusts ?
Under which section Of Income tax Act is such exemption?
24 November 2018
But sir, there are exemptions given in sec 56 (2) (x) under point 7, which I wanted to clarify. It says: Provided that this clause shall not apply to any sum of money or any property received from or by any trust or institution registered under section 12 A. What I could infer is that societies and trusts are exempted. Am I correct ?
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