Menu
Depreciation on purchase from auction sale
X company purchase a factory Land & Building through auction sale from Bank in January. Banker was issued Sale Confirmation Letter in Jan itself, but the company was not registered the property with Revenue Authority. Can the company capitalize in the month of March and avail the Depreciation. Pl clarify
Replies (1)
Yes company can capitalize Factory Land & Building in monthof January, because sale confirmation letter issued by the bank in January itself. Registration of property is just formality. So, it should be capitalize Jan and avail depreciation for 3 months.
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
