Charitable Trust

If a charitable trust sale his asset on a nominal loss which is acquired one year before in this case all the money received from sale proceed will be exempt and there is no requirement to purchase asset U/s 11B
 
Example
Asset purchased Rs.5,00,00,000 take exemption in the year of purchased

Sell the same asset in the next year at Rs. 4,80,00,000

Now Rs.4,80,00,000 exempt from tax and there is no requirement to make expenditure on charitable purpose as it is not income from the property held under trust and Rs.20,00,000 will be treated as capital loss which can be set off in the future.

Is it possible to spend such money on non charitable purpose?????
Pls Explain.............
Pls reply soon.

Rgds
Kaushik Ravi

Dear friend,

As law does not specifically state anything in this regard and as per normal rule of interpretation where the charging section fails, no charges are levied thereon. Hence this loss can be used to setoff future losses & can also be used for non charitable purposes.

Charitable trust will get PAN NO under which status? AOP or Any other? If it will get registered under AOP then whether it will be required to specify shares of all its member to save itself from taxable rate greater than Maximum Marginal Rate?

Tax rates applicable to Charitable Trust is same as that of Individual.

Are there some  recent amendments re . charitable trust ?

What are the requirements for a trust to register for covering itself under the Specified trust u/s 80G.

I mean to say a trust wants that any payments made by others should be covered in sec 80G of income tax act,1961. and the Donator will be eligible for deduction u/s 80G of Income Tax Act,1961.

WHY THE TRUST RETURN CAN'T BE FILED ONLINE AS PER INCOME TAX ACT BUT CAN BE FILED MANUAL.