VOLUNTARY CONTRIBUTIONS RECEIVED BY A TRUST CAN BE UTILISED FOR THE PURCHASE OF FIXED ASSETS

SIR, My doubt is if The Trust Registered U/S 11 and 12 of Income Tax Act got the  voluntary contributions from public and utilized for the purchase of the fixed assets for the trust  does it treat application  of income u/s 11 of Income Tax or not and otherwise shall we show it as a corpus donations please clarify and Trust having 12 A Registration when 85% funds utilized from the Gross Receipts for development remaining 15% can we carry forward in cash or bank form please clarify. Thanking you sir.

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