Dep.
This query is : Resolved
CA Mahesh Gurjar
(Querist)
11 December 2009
Dear Experts
I want to know whether depreciation is available under income tax act or not if:
Computer or laptop is received in gift
and Plant and Machinery received in gift
Regards
Mahesh Kumar
I want to know whether depreciation is available under income tax act or not if:
Computer or laptop is received in gift
and Plant and Machinery received in gift
Regards
Mahesh Kumar
Balakrishnan
(Expert)
11 December 2009
Under IT if cost of asset is met by some person or authority then cost of asset should be reduced to that extent. In your case since entire cost is met by someone else cost of laptop/machinery should be taken as NIL. Hence no depreciation
Murtaza I Bhagat
(Expert)
11 December 2009
No Depriciation,
If there is no transation of money or any thing u buy..for your work or Prof....
gift item is like a free thing so no benefit of dep.
If there is no transation of money or any thing u buy..for your work or Prof....
gift item is like a free thing so no benefit of dep.
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