Corpus Donation Taxability ::

Taxability. It is clearly mentioned under section 12; that corpus donations are totally exempt from tax liability for the trust or institution which receives such donation. However, such corpus donations have to be disclosed in prescribed return or form, in the part where the exempt income of the trust or institution is required to be mentioned. 21.02.2019 · 21 February 2019 Dear Sir, before 01/04/2017 corpus donation received by unregistered charitable trust is not taxable but after introduction of sec 562x there is question that corpus donation received by unregistered charitable trust is taxable or not? However, donation given by these exempt entities to another exempt entity, with specific direction that it shall form part of corpus, is though considered application of income in the hands of donor trust but is not considered as income of the recipient trust. Trusts, thus, engage in. donation for general purpose and the other is donation for specific purpose or corpus donation. In the Income Tax Act, 1961, there is no definition for “corpus donation”, however, the distinction between the two can be established with reference to section 111d and section 12.

In this case also, the trust under appeal was a Pvt. Religious trust not registered u/s 12AA and hence, corpus donation received by it should not be taxable as its income. Corpus donations come with specific direction of the donor and therefore, the recipient organizations do not have the liberty to apply these funds as they wish and they are generally kept on long term basis as a. Voluntary contributions are basically the donations received by the charitable/religious trust which form part of income of the trust. They are of two types: 1 Donations received with specific direction that they shall form part of corpus fund. Such donations are exempt. 2 Donations. Taxability of Charitable & Religious Trusts Dr. Girish Ahuja M.Com., Ph.D, FCA Chartered Accountant 1. What are trusts? Trusts have not been defined under the Income-tax Act, 1961.

I have also come across another decision of Hon'ble ITAT, Kolkatta in case of Shri Shankar Bhagwan Estate Vs. ITO dated 13.01.1997 reported in 1997 61 ITD 196 Cal in which, the taxability of corpus donation has been examined in the light of section 12 read section 224iia of the Income Tax Act and in this decision, it has been held as. 18.02.2013 · One trust is not eligible for exemption u/s 11 in a year as it applied for registration u/s 12A belatedly. The said trust had received certain corpus donations in that year. What will be the taxability thereof in the absence of exemption u/s 11? are they receipts liable for tax or. The corpus fund is generally not allowed to be utilized for the attainment of the purposes, but the interest/dividend accrued on such fund can be utilized or accumulated. 3. Corpus funds are generally created out of corpus donation. A donation will be treated as corpus donation only if it is accompanied by a specific written direction of the.

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