FIXED ASSETS
This query is : Resolved
13 July 2010
Hi....i would like to know that if i purchase a car,the insurance of car will be add in value of fixed assets or not?
13 July 2010
You can claim it revenue expenditure.
https://www.caclubindia.com/experts/purchase-of-car-entry-please-385275.asp
https://www.caclubindia.com/experts/purchase-of-car-entry-please-385275.asp
13 July 2010
Insurance is to be charged to revenue since it is valid for one year, this can not be capitalised.
13 July 2010
Insurance of car paid for 1st time to take the car out of showroom will be capitalized. Thereafter it will be treated as revenue expenditure.
13 July 2010
agree with sanjay ji
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Banking Related Issue
- ITR-3 File/Error Found
- TDS offline utility
- Due Date Clarity
- Gst on travel by air for business purposes
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Error in uploading Form 10BD
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
