Gyaan charitable trust owns a capital asset of ₹5,00,000 and 3/4th of the income from such asset is utilized for charitable purpose. The asset was sold for ₹12 lakhs and from the sale proceeds, the trust brought another
CS Executive · Tax Laws · PYQS · June 2022
Gyaan charitable trust owns a capital asset of ₹5,00,000 and 3/4th of the income from such asset is utilized for charitable purpose. The asset was sold for ₹12 lakhs and from the sale proceeds, the trust brought another asset for ₹10 lakhs during the previous year 2021-22. The amount of capital gain deemed to have been applied for charitable purpose is __________ for the Assessment Year 2022-23.
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax Act, 1961
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