06 August 2019
Amount spent out of loan will not be considered as application of income Only refund of loan will be considered as application of income.
07 August 2019
For construction of 10 lacs building 5 lacs is borrowed and 5 lacs spent from own funds, 5 lacs spent from own funds will be considered as application of funds. Repayment of loan from the funds of the trust will be considered as application of funds.