Priyanka Ghose (CA) (2 Points)
31 December 2024I have an aunt who has settled in the USA for more than 20 years. She has a residential property in Chennai, which she wants to donate to a registered charitable trust. However, her friend wants to buy the property from her.
Which will be more beneficial for her? Donating the property directly to the trust? or selling the property & donating the proceeds to the trust? what are the tax implications in both the cases?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(181522 Points)
Replied 31 December 2024
Priyanka Ghose
(2 Points)
Replied 31 December 2024
Thanks. Can you let me know which section number to refer for avoidance of tax liability
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(181522 Points)
Replied 31 December 2024
For giving donation there is no tax liability to the donor. No code required for exemption as it is not an income for donor.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
