Depreiciation on fixed asstes
This query is : Resolved
19 September 2014
If Assets purchased for Project at site so do we debit the fixed assets in expense & write off or not ? Or Book as fixed assets & deduct deprecation.
Pls guide us
Pls guide us
AJAY KUMAR
(Expert)
19 September 2014
Dear, it is totally depend on the use of assets whether it is capital nature or revenue nature for example if you are purchased a assets which is consumable nature then you can not go for capitalization. so first of all check the nature of assets and its useful life
CA R SEETHARAMAN
(Expert)
19 September 2014
If assets are purchased for use in construction site it can be capitalized and depreciated.
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