Corpus Donation

Ramees (CA Final Student) (87 Points)

07 September 2010  

Dear All,

Can any body Clarify the following Doubt regarding a Charitable trust...?

Total Income                                                       - Rs. 5,50,000.00

Applied u/s 11(1)                                                -  Rs.1,00,000.00

Corpus Donation for Building Construction - Rs.7,00,000.00

Building Construction                                        -  Rs.7,00,000.00

What will be the net taxable Income of the trust .....?

I think it will be Rs.1,50,000.00 excess spent (Rs.5,50,000.00-Rs.7,00,000.00).....

Is it Correct......?