Trust

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2017 Dear all

A trust Register Under 12AA and received total donation 51 Lakh( 48 General Donation +3 Anonymous Donation & Trust Sale of building 30 Lakh and capital gain arise 13 Lakh. Cost of Building 17 Lakh.
1. which amount included in 85% Limit?

Please provide Suggest answer

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 December 2017 48 lakhs + 2.55 lakhs ( deduction claimed u/s 115BBC) + 13 lakhs = 63.55 lakhs is
eligible amount to calculate 85% for the purpose of 11(1)(a).

Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2017 Dear sir
kindly state the reason. Why you included capital gain in computation
Because capital gain exempt only if trust purchase new capital assets( Net sale consideration)
115BBC anonymous donation exempt (5% of total donation or 1 lakh , which ever is higher) than exempted part 2.55 lakh why you included 85% Donation( Sec 13 (7)). Anonymous Donation
part 45000 taxable 30%

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