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insurance of car

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(Querist)
29 July 2009 whether the insurance charges paid at the time of purchase of car should be capitalised or not and what would be the treatment of insurance charges for next years.
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Abhishek Mohta

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Abhishek Mohta (Expert)
30 July 2009 Insurance charges paid at the time of purchase of car is capitalised. Any subsequent payment of insurance is revenue expenditure and will be charged off to P&L A/c.
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