charitable trus!!!!!!!!
This query is : Resolved
GAURAV JAIN
(Querist)
17 August 2010
if charitable trust has purchased capital assets of Rs. more than 20000 in cash. whether that capital exps. of Rs. more than Rs. 20000 will be allowable in the limit of 85% or not???????and why???
plzzz clarify in detail...
plzzz clarify in detail...
CA Sanat Pyne
(Expert)
17 August 2010
yes it will be treated as application of income . but depreciation on such assets will not be available.
VINOD ARORA
(Expert)
17 August 2010
charitable trusts are not supposed to get tax audit report under s. 44AB, so you can consider cash expense of more than 20000 as application without disallowance.
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