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fixed assets

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 can an asset registered under a director's name be considered as fixed asset for the compaany.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
29 July 2010 Yes, if the payment is made by company and the asset is used by the company then fixed assets can be considered as company's fixed assets.
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 the asset is wholly used for the company..
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
29 July 2010 similar query replied here
https://www.caclubindia.com/experts/interest-and-depreciation-442470.asp
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 can the gardening work done on the land be capitalised.The company is newly formed.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
29 July 2010 If some income is going to be generated from that land then capitalise it or it increases the value of the land then only capitalise.
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 no income is generated...
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
29 July 2010 Capitalise as the same cannot be considered as revenue expenses.
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 this a newly formed company ..so the cost of development of land can be capitalised???
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
29 July 2010 yes
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 thank u
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 can the water tanks purchased be considered as fixed assets
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
29 July 2010 yes
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 wat is the depreciation rate
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
29 July 2010 as per which act?
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 income tax act and companies act
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
29 July 2010 on what?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
29 July 2010 land no depreciation in any act.
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 on water tank
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