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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- BIS Certificates
- Salary and pension received from Asian Development Bank
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
