Fixed assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2016 Dear Experts,

A Assessee buying a vehicle in accounting to Fixed Asset.

Vehicle Cost = 500000
Tax Rate = 72500
Fittings Cost = 100000
Total = 6,72,500/-
My questions are,
Which is Fixed asset amount?
If total amount (672500) or Vehicle Cost (500000) or Vehicle & Fittings (600000)

Thanks & Regards
P M RAJA

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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16 November 2016 You can book incidental expenses along with fixed assets.you can book vehicle Rs.672500/-

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2016 Dear Sir.,
Thank you for your reply...
please explain one more, If I account the total amount Rs. 672500 to fixed asset. Then we calculate depreciation in Rs.672500... Am I right Sir..,

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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17 November 2016 Yes, you have to calculate depreciation on asset booked value.

Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2016 Thank You Sir.,
Thank you Very Much