CBDT Circular on capital gains arising to charitable trust


Capital gain arising to charitable trust – Whether it could be regarded as having been applied to charitable purposes if trust invests amount received from sale of capital asset in acquiring another capital asset for trust – Section 11(1) as amended by the Finance Act, 1970

Circular : No.52 [F. No. 152(55) 70-TPL], dated 30-12-1970.

Under section 11(1), as amended by the Finance Act, 1970, income derived from property held under trust for charitable or religious purposes is exempt from income-tax only to the extent such income is actually applied to such purposes during the previous year itself or within three months next following.

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