Depreciation

This query is : Resolved

Debashis Mandal (Querist)
Follow

29 January 2010 Respected Sir,
If an asset is purchased for Rs.700000 & payment is made by bank Rs.600000 & balance Rs.100000 is made by Cash & such asset is used for Business then Can Depreciation be claimed for entire Rs 700000 or not.
Thanks
Debashis

CA.Pujah

CA.Pujah (Expert)
Follow

29 January 2010 If you have actually incurred Rs.7 lac why would you claim depreciation for 6 lacs.
See, You need to have a prima facia evidence i.e, a cash receipt of Rs.1.0 lac.
If you have it you should show your asset at 7.0 lac & claim depreciation thereon.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
Follow

29 January 2010 Cost of asset is Rs.700000. As such depreciation is to be claimed on the full cost irrespective of source of funds whether own or borrowed.

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
Follow

29 January 2010 agree with experts

Padmaja CA

Padmaja CA (Expert)
Follow

29 January 2010 in case of fixed assets there is no diff on cash payment.Frist you must concentrate on that fixed asset Invoice value 7 LACs and then u concentrate on payment receipts(both cash and bank) its enough for clime on 7lacs value

Debashis Mandal

Debashis Mandal (Querist)
Follow

30 January 2010 Respected Experts
Thanks to every one for your answers
Debashis

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

Pratap Kumar De

BIBIN KUMAR

CA Lalit Kumar Agrawal

CA Ravindra Jain

Yash

Subscribe Now

Depreciation

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