Fixed assets
This query is : Resolved
vijayalakshmi
(Querist)
20 September 2013
If a Fixed Assets is purchased in the Director name not in the company how to account it ? how to treat that Asset?
CA Parul Saxena
(Expert)
20 September 2013
If it is for the office use then record it as fixed asset otherwise can not be recorded.
Guest
Guest
(Expert)
20 September 2013
ideally it should be treated as an asset of director in their personal balance sheet
Ganeshbabu K
(Expert)
20 September 2013
Depreciation not allowed under income tax act if the asset is in the name of director
vijayalakshmi
(Querist)
27 September 2013
thanks for the clarification.
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