can we claim ITC on fixed assets?
like any moveable and immovable.
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ITC on fixed assets
Replies (4)
yes, but only when, you have not claimed depreciation on such fixed assets.
For few things like Motor Vehicles with capacity less than 13 seats and any expenditure towards building construction, ITC cannot be claimed.
ITC on immovables cannot be claimed if you are capitalizing such immovable. But if you are expensing off the expense incurred on the immovable ITC of such expense can be claimed. Further there are other ineligiblities provided under section 17(5) of the Act you may refer the same
@ Twinke Kihhan, this means that if an old factory shed is repaired, and expenses on GC Sheets, Pipes, Angles, Channels etc. are not capitalized, but booked as expense in P&L Account under the head of building repairs, then ITC will be available. Is it correct, or are there any restrictions under the GST law? Please confirm. Thanks.
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