Depreciation allowed on fixed assets?
This query is : Resolved
11 June 2016
Whether depreciation allowed on Fixed Assets if the same is purchased by cash payment?
12 June 2016
Dear Somaas,
Yes, you can claim depreciation even if you've purchased fixed assets on cash. Sec 40A(3) is an revenue expense related section. hence not applicable to fixed assets.
13 June 2016
yes, you can claim the depreciation on assets even if you buy in cash
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