Income from Sale of Book
This query is : Resolved
07 April 2008
Dear Sir,
My client is President of a Charitable society and Chairman of Private Trust both are missioned with imparting Education and claiming deduction u/s 10(23)c of the IT Act.
In this situation, the above said person come-up with a text book for primary school student by his professional capacity.
The book was published by the Publishing house run by his son.He is marketing the books to various educational insti. including the School running under the Socity and Trust where he is headed.In such a case,
1.With the Capacity of President , can he market the book to Trust/ Society? .
My client is President of a Charitable society and Chairman of Private Trust both are missioned with imparting Education and claiming deduction u/s 10(23)c of the IT Act.
In this situation, the above said person come-up with a text book for primary school student by his professional capacity.
The book was published by the Publishing house run by his son.He is marketing the books to various educational insti. including the School running under the Socity and Trust where he is headed.In such a case,
1.With the Capacity of President , can he market the book to Trust/ Society? .
07 April 2008
yes he can market his own book to the Trust/ Scociety. their are no legal binding to restrict this kind of marketing.
08 April 2008
AS LONG AS THE BYE LAWS OF TRUST AND CHARITABLE SOCIETY BOTH OF WHICH HE IS HEADING ,DO NOT PROHIBIT HIM FROM MARKETING ACTIVITIES OF THE BOOKS WRITTEN BY HIM /OTHERS, THERE IS NO BAR OF ANY ILLEGALITY /VIOLATION.
BUT HE BEING A PRESIDENT OF SOCIETY OR TRUST ,THE PURCHASE COMMITTEE OF BOTH THE TRUST AND SOCIETY SHOULD MAKE A NOTE OF THE FACT OF HIS INTEREST IN SUCH A TRANSACTION OF PURCHASE OF BOOKS MARKETED BY HIM.
R.V.RAO
BUT HE BEING A PRESIDENT OF SOCIETY OR TRUST ,THE PURCHASE COMMITTEE OF BOTH THE TRUST AND SOCIETY SHOULD MAKE A NOTE OF THE FACT OF HIS INTEREST IN SUCH A TRANSACTION OF PURCHASE OF BOOKS MARKETED BY HIM.
R.V.RAO
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