Please help me in following query regarding the group classification:
In Fixed Assets where company should show CCTVs,Fans,Refregerator,LCD etc. as per Companies Act and Income Tax Act, Answer with supportive reason.
Also having a query regarding CCTVs where CCTVs are purchased in the name of company but were installed in one of the director house,my question is that whether company can claim depreciation or not?
Thanks in Advance
Your answers will be highly appreciated.
Menu
Group classification
Replies (2)
Yes. They are eligible for depeciation under the company's name.
The reason is they are not current asset. These assets are used for more than one year. If it is company's obligation to provide accomodation and subsequent amenities to Director, they can be included in Fixed asset. If not, i.e. CCTV is exclusevely used for Directors personal use, cannot be included in Company's asset and cannot be depreciated.
Recent Topic
- Gift recd from brother
- How to show Loan write off in DPT 3?
- Form 10E and Salary arrear
- LTCG U/S 54F. Sale of property plus sale of share
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
Related Topics
CAclubindia
