fixed assets purchased from corpus fund of charitable or religious purpose trust considered to be application of fund?....and whether depreciation is allowed on such asset?
10 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 it is considered as application of fund
CA P V N Varma
(CA )
(609 Points)
Replied 25 August 2018
kindly refer sec 11(1) regarding application of fund
Henil Bhatia
(45 Points)
Replied 25 August 2018
if it fixed asset is purchased from non corpus fund....then double benefit can be taken?
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