Question

Write short notes on exemptions U/s II (Charitable Trust).

Answer 1

Tax Exemption for Charitable Trust

A Trust is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another. Charitable Trusts and Section 8 Company are eligible for tax exemption under Sections 11, 12, 12A, 12AA and 13 of the Income Tax Act. Charitable purpose includes relief of the poor, education, medical relief, preservation of environment and preservation of monuments or places or objects of artistic or historic interest, and the advancement of any other object of general public utility. In this article, we review the tax exemption for Charitable Trust in India.