Treatment of use of fixed assets
This query is : Resolved
RANJAN GUPTA
(Querist)
05 July 2017
My father bought me a Laptop for my personal use in my name. After completing my studies, I have joined my father's business who is a sole proprietor and now I am using that laptop for business purpose. My query is that can I show the laptop in my father's books of accounts, by selling it to father's sole proprietorship firm? At what value should I sell the laptop? Can depreciation be claimed or not? Can I charge repair & maintenance expenses of laptop after showing it in the books of accounts?
Amol S Joglekar
(Expert)
05 July 2017
you can sell it at Fair Market Value....(AT an arm's length price)
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