Vardhan Foundation is a charitable trust registered under section 12AB, with its main object falling under the residuary clause “any other object of…

Vardhan Foundation is a charitable trust registered under section 12AB, with its main object falling under the residuary clause “any other object of general public utility.” During the Previous Year 2024-25, it received - 1.05 crore as voluntary contributions. The trust also borrowed 55 lakh on 14.08.2024 from HDFC Bank to purchase land for the construction of an administrative building from where it can carry out its charitable activities. The trust repaid principal of 12 lakh to HDFC Bank on 31.03.2025. Out of its current year’s income, the trust has donated 16 lakh (as a corpus donation) to another trust registered under section 12AB, whose main object is providing medical relief to poor persons. Assume that the trust has fulfilled all conditions under section 12A, and you are required to compute the amount of application of the trust for the P.Y. 2024-25 (excluding unconditional accumulation of 15%). What would be the application of income of the trust for P.Y. 2024-25?