Application of income meaning of trust

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MADHANKUMAR (Querist)
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05 August 2019 Practical Aspects : application of income meaing of Application of amount may be of revenue or capital nature.

Example

Preparing Receipts and Payment

Total Receipt excluding opening balance of cash and bank and receipt including loan amount . The considering application of income of trust

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 August 2019 Amount spent out of loan will not be considered as application of income Only refund of loan will be considered as application of income.

MADHANKUMAR

MADHANKUMAR (Querist)
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06 August 2019 Amount spent out of loan will not be considered meaning with example

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 August 2019 For construction of 10 lacs building 5 lacs is borrowed and 5 lacs spent from own funds, 5 lacs spent from own funds will be considered as application of funds. Repayment of loan from the funds of the trust will be considered as application of funds.

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