FIXED ASSETS

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Rahul Jain (Querist)
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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?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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13 July 2010 You can claim it revenue expenditure.
https://www.caclubindia.com/experts/purchase-of-car-entry-please-385275.asp

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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13 July 2010 Insurance is to be charged to revenue since it is valid for one year, this can not be capitalised.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

Ram Avtar Singh

Ram Avtar Singh (Expert)
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13 July 2010 agree with sanjay ji

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