depriciation

No, dep. on ornament. Under companies act, nothing is specified so, not allowed. Under income tax act also no dep. shall allowed.

nope

Ornaments are non depreciable assets...

Dear all i think depreciation is allowed as ornaments are used for business purpose.

may be default rate allowed for the same or can be cllasified under any specific head according to nature of the business.......Just go through the companies act as well as income tax.....

Dear Muskan,

Ornaments is given on Rent it's not use for business purpose and Dep. schedule specified in Compnies act and IT act is very Specific and its not allow dep. on ornament in ANYYYYYY CASE.

is ornaments a primary productive yield earning item in business.whats the nature of business carried on by the company.? since what the company earns is an incidental income on letting out ornaments and it is better to show ornaments as investments rather than fixed asset.hence the depreciation need not be claimed.

Hi Friends,

I wanna go with Muskan's reply in view of the following, provided second condition of limited life also gets fulfilled -

Para 3.2 of AS-6 -

Depreciable assets are assets which

(i) are expected to be used during more than one accounting period; and

(ii) have a limited useful life; and

(iii) are held by an enterprise for use in the production or supply of goods and services, for rental to others, or for administrative purposes and not for the purpose of sale in the ordinary course of business.

Me too with Amir!  Assests are producing Income. The companies act does not limit the assests based on its types. The rate of depreciation is also calcuated on the basis of useful life of the assests.