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Depreiciation on fixed asstes

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(Querist)
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
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AJAY KUMAR

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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
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CA R SEETHARAMAN

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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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