Registered Members: 165615 | Current Active Members: 104926

Question ID : 2225

Public Charitable Trust,an NGO wanting to sell immovable property acquired by way of donation through Will or Settlement by the Donor individual

An NGO registered u,s 12A of IT ACT Tamilnadu is approached by a potential Donor to give his sole immovable property located Delhi with the condition that he will have a right there till his death and after his death the property will v the Trust. This he can either do through Will or settlement deed favour of the Trust.Sce the Trusts charitable activities are confed to Tamilnadu only ,it would like to sell the property after the demise of the said Donor and utilise the proceeds as per section 11(5) and comply any other requirement,if any. Now the queries are -
1.Is the mode of transfer(for donation)through Will or Settlement OK? The Querist is aware that case of Will it will have to get Probate from the Delhi Court before it becomes the legal owner of the property.However , case of Settlement the querist would like to know whether any such kd of requirement exists .

2.Once the Trust becomes the legal owner after gettg Probate from the Court the case of Will or as the case may be,executg settlement whether any permission is required from Delhi court or any other authority to sell the property ?
Regards,
R.C.Bansal
9810095985 '

Click here to Post Your Answer
Posted by R.C.BANSAL on Mar 29, 2006
Filed Under DIRECT TAXES

No answers yet. Be the first to answer!

Post Your Answer

Please login to post your answer.