Depreciation as per companies act
This query is : Resolved
rikinjshah
(Querist)
19 March 2013
Dear Friends
in company , there is fixed Assets , the company has given the said Assets on rent now , income side of Profit and Loss account it shows the rent income
whether the company can claim the depreciation on the said Assets as per Company's Act?
Kindly advice me
CA RIkin J shah
in company , there is fixed Assets , the company has given the said Assets on rent now , income side of Profit and Loss account it shows the rent income
whether the company can claim the depreciation on the said Assets as per Company's Act?
Kindly advice me
CA RIkin J shah
harleen batra
(Expert)
20 March 2013
In your case fixed assets have been able to generate income for the business. Rental income will be calculated as other business income as per sec 28 and company is eligible for depreciation also.
harleen batra
(Expert)
20 March 2013
In your case fixed assets have been able to generate income for the business. Rental income will be calculated as other business income as per sec 28 and company is eligible for depreciation also.
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