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?
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