India - Income Tax Act 2010 - Saarc

S. 13 I.T. ACT, 1961 1.140(b) any person who has made a substantial contribution to the trust orinstitution, 45 [that is to say, any person whose total contribution up tothe end of the relevant previous year exceeds 46 [fifty] thousandrupees];(c) where such author, founder or person is a Hindu undivided family, amember of the family;47[(cc) any trustee of the trust or manager (by whatever name called) of theinstitution;](d) any relative of any such author, founder, person, 48 [member, trusteeor manager] as aforesaid;(e) any concern in which any of the persons referred to in clauses (a), (b),(c) 49 [, (cc)] and (d) has a substantial interest.(4) Notwithstanding anything contained in clause (c) of sub-section (1) 50 [butwithout prejudice to the provisions contained in clause (d) of that sub-section],in a case where the aggregate of the funds of the trust or institution invested ina concern in which any person referred to in sub-section (3) has a substantialinterest, does not exceed five per cent of the capital 51 of that concern, theexemption under section 11 52 [or section 12] shall not be denied in relation to anyincome other than the income arising to the trust or the institution from suchinvestment, by reason only that the 53 [funds] of the trust or the institution havebeen invested in a concern in which such person has a substantial interest.54[(5) Notwithstanding anything contained in clause (d) of sub-section (1), whereany assets (being debentures issued by, or on behalf of, any company or corporation)are acquired by the trust or institution after the 28th day of February, 1983but before the 25th day of July, 1991, the exemption under section 11 or section12 shall not be denied in relation to any income other than the income arising tothe trust or the institution from such assets, by reason only that the funds of thetrust or the institution have been invested in such assets if such funds do notcontinue to remain so invested in such assets after the 31st day of March, 1992.]55[(6) Notwithstanding anything contained in sub-section (1) or sub-section (2),but without prejudice to the provisions contained in sub-section (2) of section 12,in the case of a charitable or religious trust running an educational institution or45. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1977.46. Substituted for “twenty-five” by the Finance Act, 1994, w.e.f. 1-4-1995. Earlier, “twentyfive”was substituted for “five” by the Taxation Laws (Amendment) Act, 1984, w.e.f.1-4-1985.47. Inserted by the Finance Act, 1972, w.e.f. 1-4-1973.48. Substituted for “or member”, ibid.49. Inserted, ibid.50. Inserted by the Finance Act, 1983, w.e.f. 1-4-1983.51. For the meaning of the term “capital”, see Taxmann’s Direct Taxes Manual, Vol. 3.52. Inserted by the Finance Act, 1972, w.e.f. 1-4-1973.53. Substituted for “moneys” by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1971.54. Inserted by the Finance (No. 2) Act, 1991, w.r.e.f. 1-4-1983. Original sub-section (5) wasinserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976 and omitted by theFinance Act, 1983, w.e.f. 1-4-1983.55. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001. Earlier sub-section (6) was omitted bythe Finance Act, 1983, w.e.f. 1-4-1983. Original sub-section (6) was inserted by the TaxationLaws (Amendment) Act, 1975, w.e.f. 1-4-1977.