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?
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Charitable or religious trust related queries?
Replies (10)
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
so we can't get double benefit right??
yes you can't get double benefit
it is considered to be application of fund right?
yes it is considered as application of fund
thank you for the rply
your welcome Bhatia ji
can you gave me section no to refer this
kindly refer sec 11(1) regarding application of fund
if it fixed asset is purchased from non corpus fund....then double benefit can be taken?
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