Non corpus fund of trust
This query is : Resolved
19 September 2016
Trust is registered u/s 12A.Its activity is of Medical relief and runs a its own hospital.If trust give advance for medical relief to other hospital can we classify it as non corpus fund while filing return ITR-7?its urgent please clarify
Amol S Joglekar
(Expert)
19 September 2016
No. How can it be fund?
Is your "Advance given for medical relief A/c" having credit balance?
it can be either "expenditure made on the object of the trust" OR "Investment".....please clarify what is the nature of this advance? Is it recoverable or what?
Is your "Advance given for medical relief A/c" having credit balance?
it can be either "expenditure made on the object of the trust" OR "Investment".....please clarify what is the nature of this advance? Is it recoverable or what?
19 September 2016
Yes sir this advance is for the object of trust.Please clarify me what to be included in corpus fund and non corpus fund while filing ITR-7
Amol S Joglekar
(Expert)
19 September 2016
Please go through the trust deed. It will throw light on what is CORPUS fund, whether any subsequent additions to corpus fund is possible or not etc.
Any other fund than this would qualify for non corpus fund.
If you dont mind, please also tell me the type of balance in your "Advance given for medical relief A/c"
Also please tell me, what type of expenditure it is......is it expenditure on the objects of the trust OR investment?
Any other fund than this would qualify for non corpus fund.
If you dont mind, please also tell me the type of balance in your "Advance given for medical relief A/c"
Also please tell me, what type of expenditure it is......is it expenditure on the objects of the trust OR investment?
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