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Actual cost on asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 July 2012 Dear sir,
what are the receipts to be excluded for computing actual cost of an asset under income tax act?
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Guest

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Guest (Expert)
27 July 2012 Grants received, discount received are reduced. Be particular about an item so that I can guide you whether a particular item is included/excluded from cost of asset.
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CS, Deepak Pratap Singh

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CS, Deepak Pratap Singh (Expert)
27 July 2012 Dear Friend, The Cost of an asset dose not include any grant received, excise duty ( CENVAT claimed), discount,rebate or any obligation fulfilled by the seller on behalf of buyer and not charging for the same. Thanks
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