Gift of Property for a Specified Purpose
PrintListen to this Article
Gift of Property for a Specified Purpose
THIS GIFT is made the . . . . . . . day of . . . . . . ., 20. . . . . . ., BETWEEN (as in Precedent No. 2).
WHEREAS the Donee is the manager duly constituted of the . . . . . . School and has requested the Donor to transfer to the said School the plot of land measuring . . . . . . .square feet lying at the back of the said school for the purpose of the same being used by the school as a sports field.
AND WHEREAS the Donor has agreed to transfer to the Donee the said plot of open land more specifically described in the Schedule hereto and coloured red on the map attached and made part of this deed without any consideration:
NOW, THEREFORE, THIS DEED WITNESSES that in pursuance of the said agreement and in consideration of the purpose for which the open land is needed by the Donee, the said A.B. as beneficial owner does hereby transfer by way of gift to the said C.D. and his successor in the office of the manager of the said school, ALL THAT piece of land more specifically described in the Schedule hereto and coloured red on the map attached and of the value of Rupees . . . . . . .(Rs . . . . . . .) only: TO HOLD the same unto the said Donee or his successor-in-office as long as the property hereby transferred shall be used for the purpose of a sports field for the said school or any other school to which the said school may be merged or made part of AND the Donee does hereby accept the gift subject to the condition that if the Donee or his successors-in-office cease to use the said property for the use and benefit of the said School, as provided, this gift shall be revoked and the said property shall revert to the Donor.
IN WITNESS WHEREOF the said A.B. (Donor) and said C.D. (Donee) have hereto signed at . . . . . . . . . . . . . . the day and the year first above written.
Witnesses:
1. Sd. A.B.
Donor.
2. Sd. C.D.
Donee.
The Schedule above referred to.
Category : Income Tax | Comments : 0 | Hits : 128
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny. Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, the cumulative amount beyond the threshold triggers scrutiny. Fixed Deposits: Surpassing the Rs 10-lakh limit in fixed deposits within a financial year prompts inquiries regarding the source of f...
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence punishable under Section 276CC of the Act," the court said in the judgement. "The convict is awarded a sentence of simple imprisonment for six months with a fine of Rs 5,000 and in default to unde...
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failure to which can impact the deduction claims for such payments. To facilitate timely payments to micro, small, and medium enterprises (MSMEs) and address the challenges faced by these businesses in rec...
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitutes turnover. Understanding the concepts of these words is necessary for the purpose of the tax audit. An audit is mandatory for corporate assessees, irrespective of the amount of turnover. In ...
Very Important Income Tax Update regarding Micro and Small Enterprises Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax liability. Keeping such creditors unpaid is risky. If payment for purchases made from *Micro and Small units* remains outstanding on 31st March, there may be huge tax liability. Therefore...
Comments