SEC. 43
This query is : Resolved
Guest
Guest
(Querist)
31 October 2009
WAHT IS THE VALUE OF LAND AND FURITURE WHICH IS USED EARLIAR FOR PRIVATE USE AND BROUGHT INTO BUSINESS
(I KNOW THE TREATMENT OF BUILDING)
(I KNOW THE TREATMENT OF BUILDING)
01 November 2009
Cost to the assessee will be the value to be adopted in the books of business. Or if he was filing his returns reglularly then last balance sheet value should be adopted.(preferably income tax written down value).
Guest
Guest
(Querist)
01 November 2009
I DID'NT UNDERSTAND?
01 November 2009
Ascertain the cost of the asset then subtract the dep allowable u/s 32 for prior years , the balance wdv should be capitalised in the books .
Guest
Guest
(Expert)
10 November 2009
Assets are used for private purpose, so that calculate a notional depreciation.
A Balance figure will be capitalised.
A Balance figure will be capitalised.
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