Question ID :
40407
TRANSFER OF ASSETS BY REGISTERED CHARITABLE TRUST U/S 12AA TO ANOTHER REGISTERED CHARITABLE TRUST U/
KIND ATTN. SIR
Transfer of property has been made between trust registered u/S 12AA to another registered charitable trust u/s 12AA and made without consideration.What is the impact of income tax? for both the transferror trust and transferee trust .If such transfer is exempted how to show in the income tax return and how to account in the books of accounts for both the trusts.
Posted by
P.SHANGAR
on
Sep 26, 2019
Filed Under
DIRECT TAXES
Hi Mr. Shangar, In this case, neither transferor nor transferee would be chargeable to tax by virtue of section 47 read with section 56(2)(x) of the Income-tax Act, 1961. ITR 7 does not provide for any particular schedule to disclose these transactions which are exempt.
Posted by
ASHWIN RAO VARANASHI on
Sep 30, 2019