Fixed Asset
This query is : Resolved
CA Jithesh C
(Querist)
24 March 2009
Dear all,
Purchase of painting (pictures) will come under which category of fixed asset according to Income Tax Act as well as Companies Act?
Thanks.
Purchase of painting (pictures) will come under which category of fixed asset according to Income Tax Act as well as Companies Act?
Thanks.
Rajesh Kumar
(Expert)
24 March 2009
It depends upon the purpose of purchase.
If it is simply for decorating interiors etc., it is revenue expenditure.
If it is for sale at a higher price in some future time, it is a capital asset.
When it is purchased by a painting dealer, it is inventory purchase.
If it is simply for decorating interiors etc., it is revenue expenditure.
If it is for sale at a higher price in some future time, it is a capital asset.
When it is purchased by a painting dealer, it is inventory purchase.
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