Upgrad LLM

corpus received by unregistered trust .


Case law : ABC company has an amount of 2 crs in the name of mutual funds in its balance sheet . the company transferred this amount to xyz trust which is unregistered as a corpus donation .

Query is : 1. whether corpus donation of the trust be exempt or taxable in its hands. and if yes which head ?

2. reasons for the same .

3. Trust shall file its return in itr form no . ? please reply asap . 

 

 
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Retired employee.

This query relates to business transactions, and the reply must be responsible.  Only a Chartered Accountant can provide guidance on tax matters after looking into the relationship, transactions, concessions, the purpose of the trust and powers of such transfers as per Memorandum and Articles of association,etc.,  please take professional advice.

 

 
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Scientist/Engineer

 This looks like a hypothetical question in a question paper in law examination.

 
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Scientist/Engineer

The unregistered trust is an association of persons for tax purposes and shall be taxable.

 
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