application of corpus fund of trust
Henil Bhatia (45 Points)
25 August 2018
whether purchase of fixed assets is considered to be application of corpus fund????......
6 Replies
CA P V N Varma
(CA )
(609 Points)
Replied 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
if u claim cost of asset as application of fund then depreciation is not allowed
either one is allowed as application of fund
CA P V N Varma
(CA )
(609 Points)
Replied 25 August 2018
yes you definitely considered as application of fund but you can't claim depreciation on such asset
Dev Surya Vara Prasad Bora
(2 Points)
Replied 18 August 2021
Could you mention the section number for reference.
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