Question ID :
38034
Sale of land by Trust
The land has been sold by trust and accordingly, the tax has been paid and the proceeds realized from the sale of land has been distributed to the trustees. There are two points:
1. Whether tax paid at the time of sale has been correct.
2. Tax treatment in the hands of the trustee.
Posted by
Shobhit Bansal
on
Mar 12, 2019
Filed Under
MISC.
If consideration is not reinvested, payment of tax at the time of sale is correct. Amount distributed to trustees as beneficiary of trust is not taxable in the hands of trustees.
Posted by
CA. chunauti dholakia on
Mar 12, 2019