Interest on asset
This query is : Resolved
JATHIN HARI
(Querist)
24 March 2010
Dear Sir
An asset is purchased out of loan availed from bank, can I take depreciation as well as interest on loan in P&L.
An asset is purchased out of loan availed from bank, can I take depreciation as well as interest on loan in P&L.
Anurag Agarwal
(Expert)
24 March 2010
The query is incomplete please tell whether the asset is ready for use>>>>
24 March 2010
YES YOU CAN TAKE BOTH IF ASSET IS PUCHASED OUT OF TERM LOAN AND PUT TO USE IN THE YEAR IN WHICH INTEREST AND DEP IS REQUIRED TO BE AVAILED.
CMA Ramesh Krishnan
(Expert)
24 March 2010
please mention the asset put use or not,you can also refet AS-16
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
