A charitable trust registered as per section 12AA of Income Tax Act, having capital asset purchased in June, 2015 for ₹1,00,000 and used for the charitable purposes till the same was sold in December, 2018 for ₹1,50,000.
CS Executive · Tax Laws · PYQS · December 2019
A charitable trust registered as per section 12AA of Income Tax Act, having capital asset purchased in June, 2015 for ₹1,00,000 and used for the charitable purposes till the same was sold in December, 2018 for ₹1,50,000. The Trust, after sale of capital asset purchased a new capital asset for ₹1,20,000 which was also used for charitable purposes of the Trust. The amount of capital gain utilized in purchase of new capital asset by Trust shall be __________ .
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax Act, 1961
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