Repayment of debt incurred for purposes of trust/loans advanced by educational trusts to students for higher studies - Whether amounts to application of income
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Application of income for charitable purposes: repayment of trust debts and student loans may qualify if not a money lending business. Repayment of a loan originally taken to fulfil a trust object constitutes application of income for charitable purposes. Loans by an educational trust are ... Summary
Application of income for charitable purposes: repayment of trust debts and student loans may qualify if not a money lending business.
Repayment of a loan originally taken to fulfil a trust object constitutes application of income for charitable purposes. Loans by an educational trust are application of income only when they form part of the trust's educational object; if the sole object is granting interest-bearing loans, that amounts to a money-lending business. Repayments received are treated as income in the year of receipt.
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