Purchase of Capital Asset out of Income from Property Held under trust is allowed as application of fund.
If a trust wants to show such capital asset as Fixed asset, and not as capital expenditure, is it allowed?
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Capital Expense in Charitable Trust.
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Donations received with a specific direction are to be used for that purpose. It can be to acquire the particular capital Asset.
However normal trust income should be applied for trust objects and it's administration and running expenses.
However normal trust income should be applied for trust objects and it's administration and running expenses.
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