Trust
(a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;
(b) any immovable property, —
(A) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;
(B) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration.
Charitable trust is excluded from the Above.
Please once read this case law Serum Institute of India Research Foundation
Before 01/04/2017 section 56(2)(vii) was applicable & this section applicable only to Individual & HUF and hence Rs. 69,00,000/_ is not taxable.
Before 01/04/2017 section 56(2)(vii) was applicable & this section applicable only to Individual & HUF and hence Rs. 69,00,000/_ is not taxable.
Thank you so much R. Seetharaman Sir
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