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fixed assets, Income Tax |
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fixed assets |
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e.g. a purchased a flat for rs. 10,00,000 on 1.4.10. he got electric installation in flat for rs. 42,000 on 5.4.10. flat was put to use on 31.05.10. can u please tell me what amount should i record under flat head @ 10% dep ? and rs. 42,000 will be included in cost of flat or it will be shown separately as electric installation @15% dep. ? Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
Seems you are talking about depreciation rates as per income tax. If yes, the electrical fittings like wiring, switches, fan etc are covered under furniture and fixtures and dep rate is 10% w.e.f. AY 2006-07 onwards.
NO SIR ACTUALLY I WANNA KNOW IF ELECTRIC INSTALLATION WILL BE INCLUDED IN HOUSE ONLY OR NOT AS IS WAS INSTALLED BEFORE THE ASSET WAS PUT TO USE.
If it is like laying down the common wiring etc, it would be part of house and the electrical fittings like airconditioner, expensive outside fittings should be treated as furnitures and fittings. Page: 1 Old Query - New Comments are closed. |
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