TMI Blogfixed assetsX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der 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. ? - Reply By GOPALJI AGRAWAL - The Reply = Seems you are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 onward ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. - Reply By kinjal goyal - The Reply = 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. - Reply B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y GOPALJI AGRAWAL - The Reply = 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 treate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as furnitures and fittings. - fixed assets - Query Started By: - kinjal goyal Dated:- 26-4-2011 Income Tax - Got 3 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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