Section 11 of ITA, 1961 : Section 11: Income From Property Held For Charitable Or Religious Purposes
ITA, 1961
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Explanation using Example
Let's say there's a trust called 'Green Earth Foundation' which is registered as a charitable trust. This trust owns a building that it rents out, and the rental income is meant to be used for environmental conservation projects.
During the financial year, the trust earns ₹10,00,000 from the property. It spends ₹8,00,000 on various conservation projects within India. The remaining ₹2,00,000, which is 20% of the income, is more than the 15% limit that it is allowed to accumulate or set aside according to Section 11(1)(a) of the Income-t...
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