Investment made in depreciable assets should be shown as Fixed Asset or Investments in financial?? If it is Investment, then can the company provide depreciation on that asset held as investment under the companies act?
the company did not use that asset for main operation of the company but used to earn rental income.
please kindly suggest.
1. Purchase of depreciable assets should become a part of "fixed assets"
2. You can claim depreciation u/s 32 even though you have given that particular asset on lease since you have transferred the rights of the asset to lessor and not ownership...
My Legal Tax Consultants Pvt. Ltd.
Noida
CA Inter
View Details
Austin Med Solutions Pvt Ltd
Bengaluru
CA
View Details
Prish Consultancy LLP
New Delhi
B.Com
View Details
CCI
Pro
CAclubindia
