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Depriciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 August 2013 puchased a asset for 50000 on 3/5/12 and used for personal purpose.on 1/7/12 start using for business purpose dat time market value was 35000.so wat is the actual value of asset to charge the depriciation????
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
12 August 2013 The cost shall be taken as Rs. 35,000/-
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 August 2013 sir if market value is 60000 den?????
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 August 2013 sir if market value is 60000 den?????
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Dr. Rashid Mehmood, CPA, Ph.D

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Dr. Rashid Mehmood, CPA, Ph.D (Expert)
14 August 2013 I disagree with the expert. in my opinion the cost of asset should be taken at the purchase price i.e. 50,000 unless it is revalued. if the asset is revalued then the revalued amount shall be based.
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