Income Tax Act, 2025
Section 5: Subs. by Act 20 of 2002, s. 4, for clause (a) (w.e.f. 12003).
5. Subs. by Act 20 of 2002, s. 4, for clause (a) (w.e.f. 12003).
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1[(b) does not invest or deposit its funds, other than—
(i) any assets held by the fund, trust or institution 2[or any university or other educational
institution or any hospital or other medical institution] where such assets form part of the
corpus of the fund, trust or institution 2[or any university or other educational institution or
any hospital or other medical institution] as on the 1st day of June, 1973;
3[(ia) any asset, being equity shares of a public company, held by any university or other
educational institution or any hospital or other medical institution where such assets form part
of the corpus of any university or other educational institution or any hospital or other
medical institution as on the 1st day of June, 1998;]
(ii) any assets (being debentures issued by, or on behalf of, any company or corporation),
acquired by the fund, trust or institution 2[or any university or other educational institution or any
hospital or other medical institution] before the 1st day of March, 1983;
(iii) any accretion to the shares, forming part of the corpus mentioned in sub-clause (i) 3[and
sub-clause (ia)], by way of bonus shares allotted to the fund, trust or institution 2[or any
university or other educational institution or any hospital or other medical institution];
(iv) voluntary contributions received and maintained in the form of jewellery, furniture or any
other article as the Board may, by notification in the Official Gazette, specify,
for any period during the previous year otherwise than in any one or more of the forms or modes
specified in sub-section (5) of section 11:]
Provided also that the exemption under sub-clause (iv) or sub-clause (v) shall not be denied in
relation to any funds invested or deposited before the 1st day of April, 1989, otherwise than in any
one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not
continue to remain so invested or deposited after the 4[30th day of March, 5[1993]]:
2[Provided also that the exemption under sub-clause (vi) or sub-clause (via) shall not be denied in
relation to any funds invested or deposited before the 1st day of June, 1998, otherwise than in any
one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not
continue to remain so invested or deposited after the 30th day of March, 2001:]
6[Provided also that the exemption under sub-clause (iv) or sub-clause (v) 2[or sub-clause (vi)
or sub-clause (via)] shall not be denied in relation to voluntary contribution, other than voluntary
contribution in cash or voluntary contribution of the nature referred to in clause (b) of the third
proviso to this sub-clause, subject to the condition that such voluntary contribution is not held by the
trust or institution 2[or any university or other educational institution or any hospital or other medical
institution], otherwise than in any one or more of the forms or modes specified in sub-section (5)
of section 11, after the expiry of one year from the end of the previous year in which such asset is
acquired or the 31st day of March, 1992, whichever is later:]
Provided also that nothing contained in sub-clause (iv) or sub-clause (v) 2[or sub-clause (vi) or
sub-clause (via)] shall apply in relation to any income of the fund or trust or institution 2[or any
university or other educational institution or any hospital or other medical institution], being profits
and gains of business, unless the business is incidental to the attainment of its objectives and separate
books of account are maintained by it in respect of such business:
(w.e.f. 12003).
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1[
does not invest or deposit its funds, other than—
any assets held by the fund, trust or institution 2[or any university or other educational
institution or any hospital or other medical institution] where such assets form part of the
corpus of the fund, trust or institution 2[or any university or other educational institution or
any hospital or other medical institution] as on the 1st day of June, 1973;
3[
any asset, being equity shares of a public company, held by any university or other
educational institution or any hospital or other medical institution where such assets form part
of the corpus of any university or other educational institution or any hospital or other
medical institution as on the 1st day of June, 1998;]
any assets (being debentures issued by, or on behalf of, any company or corporation),
acquired by the fund, trust or institution 2[or any university or other educational institution or any
hospital or other medical institution] before the 1st day of March, 1983;
any accretion to the shares, forming part of the corpus mentioned in sub-clause
3[and
sub-clause
voluntary contributions received and maintained in the form of jewellery, furniture or any
other article as the Board may, by notification in the Official Gazette, specify,
for any period during the previous year otherwise than in any one or more of the forms or modes
specified in sub-section
of section 11:]
Provided also that the exemption under sub-clause
or sub-clause
shall not be denied in
relation to any funds invested or deposited before the 1st day of April, 1989, otherwise than in any
one or more of the forms or modes specified in sub-section
of section 11 if such funds do not
continue to remain so invested or deposited after the 4[30th day of March, 5[1993]]:
2[Provided also that the exemption under sub-clause
or sub-clause
shall not be denied in
relation to any funds invested or deposited before the 1st day of June, 1998, otherwise than in any
one or more of the forms or modes specified in sub-section
of section 11 if such funds do not
continue to remain so invested or deposited after the 30th day of March, 2001:]
6[Provided also that the exemption under sub-clause
or sub-clause
2[or sub-clause
or sub-clause
of the third
proviso to this sub-clause, subject to the condition that such voluntary contribution is not held by the
trust or institution 2[or any university or other educational institution or any hospital or other medical
institution], otherwise than in any one or more of the forms or modes specified in sub-section
of section 11, after the expiry of one year from the end of the previous year in which such asset is
acquired or the 31st day of March, 1992, whichever is later:]
Provided also that nothing contained in sub-clause
or sub-clause
2[or sub-clause
or
sub-clause