Classification of assets

This query is : Resolved

CA Monica Patel (Querist)
Follow

30 September 2012 respected sir my qerry is -
presently company has open new resort buying following assets, please give me a suggestion about in which head i bifurcate the same?

1. purchase of bed sheet, cotton sheet, metrics, cushion cover, container, carpet.

please inform me, thank you

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

30 September 2012 plant and machinery is better head for all such items instead of furniture.

CA Monica Patel

CA Monica Patel (Querist)
Follow

30 September 2012 sir, whether restaurant building can be treated as plant for income tax purpose

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

30 September 2012 It is a subjective factor. RESORT versus RESTAURANT. You need to take a call accordingly. Restaurant has major thrust on food where as RESORT on LODGING.

CA Monica Patel

CA Monica Patel (Querist)
Follow

01 October 2012 Respected sir, thank you for giving me a reply, Company have resort. please clarified the same that building can be plant for income tax purpose....

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

01 October 2012 is that a CHANGE in original query? Building per se has to be classified under building. The rate of depreciation shall vary as per sec 32 of income tax act.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

DHANASHRI KARMARKAR

CA Aakarsh Jain

Michael & Co.

divakar podaturu

sachingurav

Subscribe Now

Classification of assets

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA