Depreciation allowed on fixed assets?
This query is : Resolved
Somaas Kandan
(Querist)
11 June 2016
Whether depreciation allowed on Fixed Assets if the same is purchased by cash payment?
Kaushik Joshi
(Expert)
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.
Rupesh Jain
(Expert)
13 June 2016
yes, you can claim the depreciation on assets even if you buy in cash
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