Question ID :
44612
Taxability of the Investment Reg.
Dear Collegue,
Please clarify the following Query:-
A Trust Registered under the Income Tax has filed Form No.10 indicating that the Funds were set apart towards Purchase of Land and Construction of Building for the Trust during the year 2019.
However the Trust could not accumulate enough funds to acquire a Land
The Five year time limit expires as on 31st March 2024.
What is the Remedy available to the Trust?
Whether the amount set apart is Taxable as the Trust could not comply with as per Form No.10 filed before the Income Tax Authorities.
A.S. Raman
posted by
A S RAMAN
on
Feb 23 2024 12:00AM