21A. Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes.

[Notwithstanding anything contained in clause (i) of section 5, where any property is held] under trust for any public purpose of a charitable or religious nature in India and—

wealth-tax shall be leviable upon, and recoverable from, the trustee or manager (by whatever name called) in the like manner and to the same extent as if the property were held by an individual who is a citizen of India and resident in India for the purposes of this Act ²¹[***] :

Provided that in the case of a trust created before the 1st day of April, 1962, the provisions of clause (i) shall not apply to any use or application, whether directly or indirectly, of any part of such property or any income of such trust for the benefit of ²²[any person referred to in sub-section (3) of section 13 of the Income-tax Act], if such use or application is by way of compliance with a mandatory term of the trust :

²³[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]

²⁴[Provided ²⁵[further] that,—

Explanation.—For the purposes of this section,—