Ram Kripa Charitable Trust owns a capital asset of ₹2,00,000 and half of the income from such asset is utilized for charitable purposes. The asset was sold for ₹3,50,000 and from the sale proceeds, the trust bought anoth

CS Executive · Tax Laws and Practice · PYQS · June 2018
Ram Kripa Charitable Trust owns a capital asset of ₹2,00,000 and half of the income from such asset is utilized for charitable purposes. The asset was sold for ₹3,50,000 and from the sale proceeds, the trust bought another asset for ₹2,90,000. The amount of capital gain deemed to have been applied for charitable purposes is:
(A) ₹45,000
(B) ₹30,000
(C) ₹75,000
(D) None of the above

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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