The above said exemptions are not available if the income is transferred by the assessee in favour of another person without transfer of the property producing the income or when income arises from the property
transferred by assessee by way of revocable transfer that is, a transfer which can be nullified by the person making the transfer at his will and convenience.

The income of the trust being profits and gains of business of the trust is exempted only if the business of the trust is incidental to the attainment of the objects of the trust and separate books of accounts are maintained by the trust in respect of the business.

Income accrued from the property held under a private religious trust, which does not endure for the benefit of the public, does not enjoy any exemption under the Income Tax Act.

If a public charitable institution is crated for the benefit of any particular religious community or caste except the one created for the benefit of scheduled casts, backward classes, scheduled tribes or women and Children only no exemption is available.

No exemption is available for the income of a public religious or charitable trust established after 1.4.1962 which enures as is applied directly or indirectly for the benefit of