Accumulation of trust income ,rent from property
This query is : Resolved
19 October 2011
Sir, we are a public charitable trust, registered,u/s12A, we have given notice to AO, and are accumulating income , which are only from property and interest from fixed deposit,every year we claim from our property income of about Rs24.lakh, after deducting the property tax ,statutory deduction U/S24 @30%, for repairs,now at the end of 5th& final year of accumulation, for calculating the utilization of accumulated amount for specific purpose, will the deduction of 30 %,for repairs, which is notional, be taken into account or do we have to spend the entire, sum without taking into account the repairs, deduction,kindly clarify, thanking you very much, r.ravi
CA Navin Jain
(Expert)
19 October 2011
according to my knowledge, you need to utilize entire amount without consideration of notional deduction.
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