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Purchase of capital asset in cash

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(Querist)
25 February 2010 please give me repaly early -if capital asset purchase in cash is allowed as business expense or not? and secondly depreciation on such assets is allowed or not? -dipti
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Sohil Ganeriwala

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Sohil Ganeriwala (Expert)
25 February 2010 Capital Assset should always be capitalised irrespective of the mode of payment (cash or kind), it wont be allowed as an expense. Yes, u can claim depriciation on asset once u have capitalised it.
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dipti

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dipti (Querist)
25 February 2010 Thank you so much. -dipti
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