Insurance on purchase of Car
This query is : Resolved
deepak K Gujrati
(Querist)
06 April 2009
At the time of purchase of Car, Normally Registration and Road Tax is paid. Insurance is also paid.
Whether this Registration charges and also Insurance [ to make this car ready to use] should be capitalized.
Whether this Registration charges and also Insurance [ to make this car ready to use] should be capitalized.
CA.SHAHZAD SAYYED
(Expert)
06 April 2009
Yes, All expences incurred for car are of capital nature and hence must be capitalised
Reetika Goel
(Expert)
06 April 2009
All the expenses incurred up to the date it is ready to use are to be capitalized.
07 April 2009
it is to be capitalised
07 April 2009
ya it is capitalised
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