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Charitable or religious trust related queries?

CA Final 397 views 10 replies
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45 Points Posted on 25 August 2018

fixed assets purchased from corpus fund of charitable or religious purpose trust considered to be application of fund?....and whether depreciation is allowed on such asset?

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On 25 August 2018 at 17:52 Report
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CA
609 Points Posted on 25 August 2018
if u claim depreciation as application of fund then cost of asset is not allowed as deduction

if u claim cost of asset as application of fund then depreciation is not allowed

either one is allowed as application of fund
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On 25 August 2018 at 18:09
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45 Points Posted on 25 August 2018
so we can't get double benefit right??
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On 25 August 2018 at 18:11
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CA
609 Points Posted on 25 August 2018
yes you can't get double benefit
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On 25 August 2018 at 18:26
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45 Points Posted on 25 August 2018
it is considered to be application of fund right?
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On 25 August 2018 at 18:41
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CA
609 Points Posted on 25 August 2018
yes it is considered as application of fund
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On 25 August 2018 at 19:27
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45 Points Posted on 25 August 2018
thank you for the rply
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On 25 August 2018 at 19:30
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CA
609 Points Posted on 25 August 2018
your welcome Bhatia ji
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On 25 August 2018 at 19:44
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45 Points Posted on 25 August 2018
can you gave me section no to refer this
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On 25 August 2018 at 19:54
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CA
609 Points Posted on 25 August 2018
kindly refer sec 11(1) regarding application of fund
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On 25 August 2018 at 20:16
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45 Points Posted on 25 August 2018
if it fixed asset is purchased from non corpus fund....then double benefit can be taken?
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On 25 August 2018 at 21:13


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