indian trust act

AROKIASWAMY (Querist) 16 June 2013 This query is : Resolved
Sir
1.what are the legal procedures to give donation from one trust to another trust ?
2.what are the accounting procedures to give donation from one trust to another trust ?

Please explain this issues in details manner and including income tax law relavent,and indian trust act relvent, and legal and accounts paper works?

Follow Query

Report Abuse

DILIP KUMAR AAGARWAL (Expert) 17 June 2013
PREPARE A GIFT DEED AND PAY THE AMOUNT BY CHEQUE.UNDER THE INCOME TAX ACT THERE IS PROVISION UNDER SECTION 56(2)(V)FOR TREATING INCOME FROM OTHER SOURCE FOR ANY SUM EXECEEDING 50000/- WITHOUT ANY CONSIDRATION BY ANU INDIVIDUAL OR HUF. SO RECEIPT IS NOT A INDIVIDUAL OR HUF IN YOUR CASE SO INCOME TAX LIABILITY IS THERE. SO FAR ACCOUNTING IS CONCERN DEBIT THE RECIVING TRUST AND CREDIT THE AMOUNT GIFTED.

Raj Kumar Makkad (Expert) 19 June 2013
I do endorse the advice of Aggarwal.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries