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trust by will return
Hi i was filing the income tax return for trust by will showing capital gain and income from other sources. The income is less than 250000 however it is still calculating tax.. 15 percent for short term capital gain and 30 percent for other Sources. Can someone pls guide
Replies (3)
the limit of 2.5L doesn't apply to charitable trust. the income of trust shall be exempted only if 85% of income is used for the objective with which the trust is established. if such condition not satisfied then income shall be taxable at Maximum marginal rate i.e @ 30% and capital gains if arises from sale of securities shall be taxable @ 15% as per sec 111A otherwise taxable at rate 30%
Thanks gauthami :) but mine is not a charitable trust it is trust by will.
trust will not registered under 12a, tax will compute under MMR method 30%
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