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Classification of Imported Painting in B/S

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(Querist)
28 May 2011 Hi,
- Can anybody please guide me on how to classify an Imported Painting in a Companies Balance Sheet (Schedule VI).

- Also kindly let me know whether company shall be liable to pay wealth tax on the same.

- Are there any restrictions on import of paintings by corporates for decoration as per - Companies Act and - FEMA.


Facts//////////////
Company in in the business of crude oil import and refining. The painting will be imported by the company to decorate its corporate office.
Cost of painting will be approximately GBP 500,000 plus applicable import duty under chapter 97.

Thanks,
Devendu Paul
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Pankaj Gandhi Jaiswal

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Pankaj Gandhi Jaiswal (Expert)
05 June 2011 Only cost will not be the measure tool for Assets, we have to consider the life as well as role of assets in business life, otherwise write off this subject to allowance in Income Tax
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