whether receipt of donation in kind is Income for a trust
This query is : Open
01 December 2010
Whether receipt of Donation in Kind like jewellwery etc. by a registered trust can be treated as INCOME u/s 2(24) of the Income Tax Act,1961.
01 December 2010
Yes it is income u/s 2(24)(iia).Its value has to be found out and that amount shall be taken as income.
01 December 2010
can u cite a case law related to it......
But how can dat be
as 2 (24)(iia) relates to voluntary contribution...which includes only money and not other assets....
reply.....
But how can dat be
as 2 (24)(iia) relates to voluntary contribution...which includes only money and not other assets....
reply.....
02 December 2010
Income doesn,t mean "money" only. If other assets got some monetary value then their monetary valuation has to be taken into account. For Example- Perquisites are not money but certain perquisites are taxed on valuation basis.
03 December 2010
Contribution in kind also to be treated as income of the trust and hence taxable
03 December 2010
@ vivek sir....do u hv any case law related to it....
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