Can a Jain Charitable Trust claim an exemption of 15% u/s 11(1) on earmarked fund received???
Abhay Sakaria ([Practicing C.A.] [C.S. Final]) (283 Points)
13 December 2011Can a Jain Charitable Trust claim an exemption of 15% u/s 11(1) on earmarked fund received???
RANK and Co.
(Chartered Accountant)
(29 Points)
Replied 14 December 2011
Dear Abhay,
There is no impediment for a Jain Trust to club to claim exemption U/s 11.
The only issue would be whether it is registered U/s 12 of the Act.
regards,
abhiram
RANK and Co.
(Chartered Accountant)
(29 Points)
Replied 14 December 2011
Dear Abhay,
In case of earmarked funds received towards the corpus the entire amount would be exempt.
regards,
abhiram
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