07 July 2008
We have two projects in India in different places, and we want to transfer our one project's Assets which almost '0' value in the books of Accounts to another project.
Please clarify the tax / Account / Documentation for the same transfer.
07 July 2008
Shifting of Assets from one project to the other may done by preparing a document which may be called as 'Shifting Memo'. It shold contain the following information: 1. Date 2. Unit wherefrom being shifted 3. Unit where it is being shifted 4. Tag no as given to the Asset 5. Brief Description of the Asset 6. Date of acquisition of the asset 7. Vendor from whom acquired 8. Original Total Cost 9. Accumulated Depreciation till date 10. Details of AMC or Warranty, if any
Entry for shifting of this should be passed in the Fixed Assets Register which will define the new location of that Asset. Two copies of the same may be sent alongwith the asset one of which will be received with acknowledgement by ur counterpart at the other unit which may be retained on ur records. In case seperate books of accounts are maintained at both the units then transfer entry for the asset may be passed.
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