Fixed Assets

This query is : Resolved

Khushbu (Querist)
Follow

05 November 2008 If there is import of fixed assets & such fixed assets are lying in bonded warehouse.
how such assets will be treated in books of accounts?
whether such assets will be shown as fixed assets since risk & reward are transferred by vendor.
what about depreciation as per income tax act & companies act.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

05 November 2008 AS assets lying under bonded warehouse. They will be exibitted as Capital WIP. No depreciation is applicable pending installation.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
Follow

05 November 2008 In case the transaction is complete in terms of the purchase order and the same has been recognised for accounting purposes, treat it Capital WIP. As and when the same is installed and ready for use(put to use as per Income Tax), the depreciation may be charged

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ATUL MAKWANA

seshachary

Rameshkumar Jain

suresh kotte

Mitesh

Subscribe Now

Fixed Assets

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY

Accountant

CA Final

Article Assistant