Trust “A” is a registered trust under section 12ab Income tax act and as a religious trust under The BPT Act. Trust has purchased property (Bungalow) to run the activity of the trust.
1. Receipt for the purchase of the Bungalow is shown as Corpus Receipt (Building Fund) under the capital. Is this correct or is any other treatment required?
2. Payment made for the purchase of property shown as Capital Expenditure under Fixed Assets (Bungalow). Is this correct or is any other treatment required?
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