Fixed Asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 December 2010
Whether Fixed Asset/Car for Travel business can be purchased for cash & depreciation can be claimed thereon.
14 December 2010
As per section 40A(3) the expenses by cash more than Rs.20000 will be disallowed and this apply depreciable asset also,
but in this case there is 2 contradictory views are there
let us wait for other experts view also
but in this case there is 2 contradictory views are there
let us wait for other experts view also
14 December 2010
This question is not governed under Section 40 a 3 as this section just talk about the expenditure and purchase of fixed assets is not an expenditue it is an investment, so fixed assets can be purchased in cash in excess of rs 20000/- and depriciation can be claimed in this respect.
15 December 2010
Yes. For purchase of fixed asswts sec 40a3 is not applicable. Like wise for claiming depreciation there is no condition that the asset should not have been purchased for cash
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