fixed assets

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Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 can an asset registered under a director's name be considered as fixed asset for the compaany.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 July 2010 Yes, if the payment is made by company and the asset is used by the company then fixed assets can be considered as company's fixed assets.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 the asset is wholly used for the company..

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 similar query replied here
https://www.caclubindia.com/experts/interest-and-depreciation-442470.asp

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 can the gardening work done on the land be capitalised.The company is newly formed.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 If some income is going to be generated from that land then capitalise it or it increases the value of the land then only capitalise.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 no income is generated...

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 Capitalise as the same cannot be considered as revenue expenses.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 this a newly formed company ..so the cost of development of land can be capitalised???

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 yes

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 thank u

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 can the water tanks purchased be considered as fixed assets

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 yes

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 wat is the depreciation rate

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 as per which act?

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 income tax act and companies act

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 on what?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 land no depreciation in any act.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 on water tank

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