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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 (1) author of the
trust (2) any person who has made substantial contributions i.e., total contribution
of more than Rs.50,000/- (3) where author of trust is Hindu Undivided family,
any member of such a family (4) trustee of the trust (5) any relative
of the persons aforesaid as any concern in which the persons aforesaid have substantial
interest.
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