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Fixed assets

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(Querist)
20 September 2013 If a Fixed Assets is purchased in the Director name not in the company how to account it ? how to treat that Asset?
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CA Parul Saxena online

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CA Parul Saxena online (Expert)
20 September 2013 If it is for the office use then record it as fixed asset otherwise can not be recorded.
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Guest

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Guest (Expert)
20 September 2013 ideally it should be treated as an asset of director in their personal balance sheet
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Ganeshbabu K

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Ganeshbabu K (Expert)
20 September 2013 Depreciation not allowed under income tax act if the asset is in the name of director
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vijayalakshmi

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vijayalakshmi (Querist)
27 September 2013 thanks for the clarification.

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