Date of capitalizing Fixed asset

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CA.ViVeK M ACA (Querist)
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19 November 2008 please guide me regarding Norms Regarding date of capitalizing fixed asset As per AS of icai,INcome tax rules,Icai Guidance note and judgment.

Deepak Agrawal

Deepak Agrawal (Expert)
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19 November 2008 Blgd, Machineries should be capitalized from date of Installation.

U have to capitalize car from date of registration.

Other assets like TV, Furniture from date of purchase

Ravikumar.G

Ravikumar.G (Expert)
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19 November 2008 In case of motor vehicle, ownership is determined by possession of the vehicle and assessee has to prove that it is used for the purpose of his business. Registration under the Motor vehicles act is only permission for driving the vehicle on road.

Ravikumar.G

Ravikumar.G (Expert)
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19 November 2008 Asset ready to use / put into use is eligible for claiming depreciation.

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