Actual cost on asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2012
Dear sir,
what are the receipts to be excluded for computing actual cost of an asset under income tax act?
what are the receipts to be excluded for computing actual cost of an asset under income tax act?
Guest
Guest
(Expert)
27 July 2012
Grants received, discount received are reduced. Be particular about an item so that I can guide you whether a particular item is included/excluded from cost of asset.
27 July 2012
Dear Friend, The Cost of an asset dose not include any grant received, excise duty ( CENVAT claimed), discount,rebate or any obligation fulfilled by the seller on behalf of buyer and not charging for the same. Thanks
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