I have purchased furniture for business use worth rs 100000 on which I have paid 12000 as GST. can I claim both GST input credit and can I claim depreciation on rs 100000 as per income tax act
Mahesh Sarda (173 Points)
25 February 2018I have purchased furniture for business use worth rs 100000 on which I have paid 12000 as GST. can I claim both GST input credit and can I claim depreciation on rs 100000 as per income tax act
deena
(student)
(100 Points)
Replied 25 February 2018
NO, YOU CANNOT CLAIM BOTH DEP AND ITC.
OPTION 1. IF U CAPITALISE U CANNOT CLAIM ITC
OPTION 2. IF U TREAT IT AS REVENUE U CAN CLAIM ITC
Sumit Sarswat
(Student)
(3154 Points)
Replied 25 February 2018
niboj
(Bangalore)
(139 Points)
Replied 25 February 2018
niboj
(Bangalore)
(139 Points)
Replied 25 February 2018
niboj
(Bangalore)
(139 Points)
Replied 25 February 2018
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 25 February 2018
Yes... You can claim as per the following way...
Your Purchase value Rs. 112000 (100000 + 12000). If you will book total value Rs. 112000 in Fixed asset and You can Claim Depreciation for the full value of Rs. 120000. But, You can't claim ITC...
You will book Rs. 100000 under Fixed Asset and Rs. 12000 under GST input. Then You will claim ITC Rs. 12000.
But, You just claim Depreciation Rs. 100000...
M.Shanmugasundaram
(Accounts)
(234 Points)
Replied 18 May 2018
Sir,
Which one is benefit to us
ITC taken on asset Purchase value Rs. 112000 (100000 + GST 12000).
ITC Not taken on asset Purchase value Rs. 112000 (100000 + GST 12000).
Thanks & Regards,
M.Shanmugasundaram
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 18 May 2018
M.Shanmugasundaram
(Accounts)
(234 Points)
Replied 18 May 2018
Dear Sir,
We open new branch office. And Office Interior work is going on.
We will made following expenses for our new office.
Expenses for New Office
1) Office Interior Rs.3,00,000
2) Tables & Chair Rs.50,000
3) Other Furnitures Rs.50000
4) Electrical Exp Rs.75000
5) Air Contioner Rs.80000
6) Computer & Printer Rs.1,50,000
Can we take input credit for all the above items ?
Any GST rules for take input credit for purchase asset materials ?
we can take depreciation for GST Input Tax..?
Avail Input Credit (or) Claim Depreciation - Which one is benefit to us sir?
Thanks & Regards,
M.Shanmugasundaram
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