banner_ad

set off on purchase of air conditioner

This query is : Resolved 
Profile Image

Profile Image

(Querist)
26 December 2008 if we are software developmenrt company. And we purchase air conditioner VAt is charged on the bill.And we capitalised it to the Airconditioenr -Fixed Asser . Whether will we get set off for it?
Profile Image

C A GROUP COACHING

Profile Image

C A GROUP COACHING (Expert)
26 December 2008 YES YOU CAN GET FULL S/OFF ON ALL CAPITAL ASSETS EXCEPT BLDG & MOTOR CAR
CAPITALISATION SHOULD BE NET OF VAT i.e VAT AMT SINCE CLAIMED S/OFF AT FULL SHOULD BE REDUCED FROM ASSET AMT & NOT TO BE CAPITALISED ELSE VAT DEPT SHALL DISALLOW YOUR S/OFF CLAIM
Profile Image

MAYUR JOSHI

Profile Image

MAYUR JOSHI (Expert)
26 December 2008 As far as GVAT is concerned, I am of the opinion that u can not take credit of the VAT Amount.

In GVAT, Only Plant & Machinery under Fixed Assets is available as INPUT VAT subject to condition that the said P & M will not be sold for Next 5 Years.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details