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Taxation of trusts

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(Querist)
21 May 2012 If a trust purchased a asset, say for Rs. 5,00,000. So how would we claim exemption u/s 11?
Whether we could show Rs. 5,00,000 as expenditure or as asset & charge depreciation on it at the rate applicable on it under I.T. Act?
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Soumitra Basu

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Soumitra Basu (Expert)
27 May 2012 Exemption is on income not on expenditure. You will be entitle to depreciation.

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