Accounting procedure
This query is : Resolved
29 July 2014
DEAR SIR,
My client has been taken running factory on rent @ 75000/- pm. Owner of factory is having his own trading business in same premises. In other word my client is manufacturer & owner is trader. My question is 1) Whether my client is eligible to claim depreciation on plant & Machinery & factory building & other equipment under income tax act? 2) If yes, what are the journal entries in my clients books regarding fixed assets & in the books of owner.
please solve query thanks
My client has been taken running factory on rent @ 75000/- pm. Owner of factory is having his own trading business in same premises. In other word my client is manufacturer & owner is trader. My question is 1) Whether my client is eligible to claim depreciation on plant & Machinery & factory building & other equipment under income tax act? 2) If yes, what are the journal entries in my clients books regarding fixed assets & in the books of owner.
please solve query thanks
29 July 2014
Person paying rent is not eligible for claiming the depreciation on FA taken on Rent.
29 July 2014
Person paying rent is not eligible for claiming the depreciation on FA taken on Rent.
29 July 2014
Person paying rent is not eligible for claiming the depreciation on FA taken on Rent.
29 July 2014
Person paying rent is not eligible for claiming the depreciation on FA taken on Rent.
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