Capital Gains Tax on Donating Immovable Property to Charitable Trust
Dear Esteemed Colleagues
Kindly help me with the following query:
The donor is a Non-Resident Individual. Immovable Property owned by NR was donated to a Charitable Trust in India registered under 12A in FY 2019-20. Charitable Trust has paid the Stamp duty and the property has now been registered in the name of Charitable Trust via Gift Deed.
Will Capital Gains arise in the hands of NR in India?Kindly also provide the reference of relevant sections/ rules of the Income Tax Act.