Taxation of trusts
This query is : Resolved
21 May 2012
If a trust purchased a asset, say for Rs. 5,00,000. So how would we claim exemption u/s 11?
Whether we could show Rs. 5,00,000 as expenditure or as asset & charge depreciation on it at the rate applicable on it under I.T. Act?
Whether we could show Rs. 5,00,000 as expenditure or as asset & charge depreciation on it at the rate applicable on it under I.T. Act?
27 May 2012
Exemption is on income not on expenditure. You will be entitle to depreciation.
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