Depreciation

257 views
User Avatar

23 Points Posted on 08 May 2020
Since I m in proprietorship
business & I purchase a refrigerator for personal use...
can I show this as an asset on my business or not???
0 Reply Share Follow
On 08 May 2020 at 10:19 Report
Replies (3)
Quick Summary
This discussion explores whether a refrigerator purchased for personal use can be claimed as a business asset for depreciation. The general consensus is that only assets used directly for business purposes are eligible. However, one viewpoint suggests it might be possible if your business and residence are the same location and the appliance serves a business function.

User Avatar

Team Lead
7558 Points Posted on 08 May 2020
No you can't show that since only assets used for business purposes can be shown in balance sheet. refrigerator purchase for personal use to be shown as drawings
Reply
On 08 May 2020 at 10:54
User Avatar

Chartered accountant
290 Points Posted on 08 May 2020
I agree with Mr.Giridhar
Reply
On 08 May 2020 at 10:55
User Avatar

3 Points Posted on 08 May 2020
I think it can be shown as a business asset, If you have Both your Business place and Residence are same. As if you are using the refrigerator for the business purpose.
Reply
On 08 May 2020 at 13:13

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidence requested for a Finance Professional with
  2. Expert Opinion Required – Form 140 Gross Amo
  3. WRONG TAX DEMAND - formal responses , rectificatio
  4. Foreign remittance
  5. Affordable Residential Flats in Gurgaon
  6. Manufacturing
  7. TAN REGISTRATION ON E-FILLING SITE
  8. Form 10-IEA – Continuing Old Regime
  9. Income tax act 2026
  10. Belated Return where Form 10IEA filed this year to

More recent discussions | Post

Related Topics :

Loading