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Fixed asset
Dear Sir,
If an Individual assessee Purchase a Mobile Phone lets say the Value is 85K can he show it as on Fixed Asset ???
If Yes, What is the rate of depreciation to be charged?
Replies (3)
Dear sharat,
As far as i know the individual can claim depreciation on the mobile phone provided it has been used for the purpose of business.
As per income tax act the mobile will be treated as plant and machinery and he can claim depreciation @ 15% pa
Thank you ajay!!!
Thank you ajay!!!
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