12. Income of trusts
or institutions from contributions.- (1) Any voluntary
contributions received by a trust created wholly for charitable
or religious purposes or by an institution established wholly
for such purposes (not being contributions made with a specific
direction that they shall form part of the corpus of the trust
or institution) shall for the purposes of section 11 be deemed
to be income derived from property held under trust wholly
for charitable or religious purposes and the provisions of
that section and section 13 shall apply accordingly.
(2) The value of any services, being medical or educational
services, made available by any charitable or religious trust
running a hospital or medical institution or an educational
institution, to any person referred to in clause (a) or clause
(b) or clause (c) or clause (cc) or clause (d) of sub-section
(3) of section 13, shall be deemed to be income of such trust
or institution derived from property held under trust wholly
for charitable or religious purposes during the previous year
in which such services are so provided and shall be chargeable
to income-tax notwithstanding the provisions of sub-section
(1) of section 11.
Explanation.—For the purposes of this sub-section, the
expression “value” shall be the value of any benefit
or facility granted or provided free of cost or at concessional
rate to any person referred to in clause (a) or clause (b)
or clause (c) or clause (cc) or clause (d) of sub-section
(3) of section 13.
(3) Notwithstanding anything contained in section 11, any
amount of donation received by the trust or institution in
terms of clause (d) of sub-section (2) of section 80G in respect
of which accounts of income and expenditure have not been
rendered to the authority prescribed under clause (v) of sub-section
(5C) of that section, in the manner specified in that clause,
or which has been utilised for purposes other than providing
relief to the victims of earthquake in Gujarat or which remains
unutilised in terms of sub-section (5C) of section 80G and
not transferred to the Prime Minister’s National Relief
Fund on or before the 31st day of March, 2004 shall be deemed
to be the income of the previous year and shall accordingly
be charged to tax.
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