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.
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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.
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