New delhi date. Wednesday 5 August 2020
Income tax exemption will be given to those who donate to Ayodhya Shri Ram Janmabhoomi Tirth Trust. This exemption will be given by donating to Shriram Janmabhoomi Tirth Kshetra Trust.
The Shriram Janmabhoomi Tirth Kshetra Trust has been formed for the construction of the temple and all donations are being taken with the help of the trust. For the financial year 2020-21, the government has decided to give tax exemption to donors here.
Donors of up to 50 per cent will be given a tax deduction in this trust. The income of the trust is already exempted under Sections 11 and 12 of the Income Tax Act. This exemption is similar to other fixed religious trusts.
It will be mandatory for the donor to get a receipt from the person. This receipt must contain the name of the trust, address, page number, name of the donor, amount of donation.
According to the Ministry of Finance, the rule will be based on Section 80G of the Income Tax Rules, 1961. Under this rule, any person, HUF or company can avail tax exemption on donations made to any fund or charitable organization. Conditions must be met when donating. This contribution can be made both by check and cash.
According to changes in tax collection laws, pay from obligation shared finances will be a momentary capital resource except if held for three years. Reach Vakilsearch site to know about the calculation of Capital Gain Tax
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