Investments by the charitable trust
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 November 2017
A trust is a charitable trust registered u/s 12A of the I T Act. Whether it can invest in mutual funds. Is it permissible under the I T Act?
12 November 2017
Not allowed, section 11(5) investment only allowed.
12 November 2017
Under -11(5)-
xii-any other form or mode of investment or deposits as may be prescribed as rule 17C is allowed.
As per Rule 17C of Income Tax Rules 1962- Forms or modes of Investment or deposits by a charitable or religious trust or Institution :
i-Investment in the units issued under any scheme of the mutual fund referred to in clause (23D) of section 10 of the Income Tax Act is allowed.
xii-any other form or mode of investment or deposits as may be prescribed as rule 17C is allowed.
As per Rule 17C of Income Tax Rules 1962- Forms or modes of Investment or deposits by a charitable or religious trust or Institution :
i-Investment in the units issued under any scheme of the mutual fund referred to in clause (23D) of section 10 of the Income Tax Act is allowed.
12 November 2017
Yes agreed with you.
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