Capitalising

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Deeps (Querist)
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18 November 2009 If Asset is purchased by a manufaturing Unit and is used in the Office and not for production, then can VAT Credit be availed on that?

Eg. X, a manufacturing unit, purchased Furniture and is put to use in the office. Then VAT paid to be capitalised or input credit can be availed?

Pl. Reply

Thanks in advance:)

hshivakumar

hshivakumar (Expert)
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18 November 2009 no

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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18 November 2009 its use in office then no input credit is available.

Deeps

Deeps (Querist)
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18 November 2009 thank you Sirs.
pl. answer me this also
if an asset is put to use on 6th May 2009. Then shall we take 6th May 2009 into consideration for calculating depreciation under Companies Act or from 7th May do we calculate depreciation.
Thanks in advance:)

Kishanlal Paliwal

Kishanlal Paliwal (Expert)
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19 November 2009 Yes, we can charge depreciation on that asset.

Regards

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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19 November 2009 yes Depreciation is allowed.

Deeps

Deeps (Querist)
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19 November 2009 thanks everybody :)

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