Pardeep1000
This query is : Resolved
PardeepJain
(Querist)
15 August 2007
A Society is worked as NGo but not Registered U\S 12A of Income tax Act . It receive State govt. Grants for Capital Asstets on condittions that thease Assets will taken back or transferred to similiar NGO if the Society not functioning in future. whether these Grants are Capital receipts or Reveue Receipts.
15 August 2007
Dear Sir
No doubt, it is capital receipt to be accounted as 'received towards corpus- in kind'.
No doubt, it is capital receipt to be accounted as 'received towards corpus- in kind'.
PardeepJain
(Querist)
17 August 2007
Thank you very much.
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