Capital expenditure of trust

Adv.Ashwini Khatri (Querist) 04 March 2013 This query is : Resolved
RESPECTED EXPERTS, MY CLIENT IS A TURST WHICH UNREGISTERED UNDER IT ACT. IT IS DOING EXPENDITURE ON TRUST BUILDING FOR KHATRI CAST, OUT OF IT'S RENTAL RECEIPTS. THAT AFTER NO ANY SURPLUS REMAINING. MY QUESTION IS AS BELOW;-
1- CAPITAL EXPENDITURE IS ALLOW OR NOT?
2- IS IT LIABLE FOR GET AUDIT ?
3- CAN IT GET REGISTRAION UNDER SECTION 12A OF IT ACT?
4- IS IT LIABLE FOR FILE IT RETURN?
PLEASE GUIDE WHO CAN IT WILL BE DONE.

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ajay sethi (Expert) 04 March 2013
raise query in CA club india .com

Raj Kumar Makkad (Expert) 06 March 2013
1. Yes.

2. Yes.

3. Not necessary prior to such expenditure but ultimately it requires.

4. Yes.

Adv.Ashwini Khatri (Querist) 07 March 2013
but can i file an application for registration under IT Act without giving any penalty and tax.? therefore it have only rental receipts and made expenditure on construction of trust building only.

devdatta Jadhav (Expert) 11 March 2013
per section 13 of I.Tax act, section 11 and 12 not apply to trust created for benefit of particular caste.If income of religious trust is used also for public in general then 11 & 12 applies , otherwise not.

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