can a charitable society purchase a land by expending its corpus fund? How section 35AC and Section 35 (1) of income tax act is applicable here?
Kindly provide me the gist of sec 35 AC and section 35 (1) of Income Tax Act.
Thank you.
shine mangalore (advocate) 08 June 2012
can a charitable society purchase a land by expending its corpus fund? How section 35AC and Section 35 (1) of income tax act is applicable here?
Kindly provide me the gist of sec 35 AC and section 35 (1) of Income Tax Act.
Thank you.
Kishor Mehta (CEO) 08 June 2012
Sir,
A charitable society can spend the moneys only commensurate with the terms of the society.
Regards,
Kishor Mehta
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