Sec 11
This query is : Resolved
21 February 2011
LOAN TAKEN TO ACQUIRE TRUST PROPERTY CAN BE TREATED AS TRUST INCOME FOR THE COMPUTATION OF TAXABLE INCOME OF THE TRUST?
21 February 2011
Loan taken need not be taken as trust income. But repayment of loan can be considered as application of income for the purpose of section 11 of the IT Act,1961.
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