• Registered Users :
  • 157074
  • Current Active Users :
  • 98875

Your Answer

Question ID : 38034

Sale of land by Trust

The land has been sold by trust and accordingly, the tax has been paid and the proceeds realized from the sale of land has been distributed to the trustees. There are two points: 1. Whether tax paid at the time of sale has been correct. 2. Tax treatment in the hands of the trustee.

Posted by Shobhit Bansal on Mar 12, 2019

Filed Under MISC.

Answer ID : 76372

If consideration is not reinvested, payment of tax at the time of sale is correct. Amount distributed to trustees as beneficiary of trust is not taxable in the hands of trustees.

Posted by CA. chunauti dholakia on Mar 12, 2019