Depreciation applicabilty??
This query is : Resolved
07 May 2014
Dear Experts,
I have purchased a Laptop worth Rs 50,000 in CASH in the name of the Firm..Can i claim depreciation of such Assets..???
Pls Suggest !!!
Regards
I have purchased a Laptop worth Rs 50,000 in CASH in the name of the Firm..Can i claim depreciation of such Assets..???
Pls Suggest !!!
Regards
07 May 2014
Abhishek first note that if u made expense in cash more than Rs. 20000/- then the whole amount will b disallowed and added back to ur income.
And secondly if u purchase it in firm name then the firm can claim depreciation n not u.
And secondly if u purchase it in firm name then the firm can claim depreciation n not u.
07 May 2014
If expenditure is incurred in cash for more than 20000 then there would be disallowance but this section is applicable only to 'Revenue Expenditure'.
As you have purchased Laptop show it under Asset head hence no question of disallowance and you can claim depreciation also.
As you have purchased Laptop show it under Asset head hence no question of disallowance and you can claim depreciation also.
07 May 2014
Parul please note that the asset is purchased in the name of Firm. Then can he claim it individually?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
