Additional depreciation
This query is : Open
23 August 2012
Sir,
I purchased a machinery way back in 2000 and now in 2012 I have purchased an INSURANCE SPARE and capitalised it. Can I claim Additional Depreciation on it ?
I purchased a machinery way back in 2000 and now in 2012 I have purchased an INSURANCE SPARE and capitalised it. Can I claim Additional Depreciation on it ?
23 August 2012
NO.. its applicable to NEW Plant and Machinery ACQUIRED and INSTALLED after 31st March 2005.
Please read the block letter.. Machinery should be NEW, it has to be acquired and installed and it has to be after 31st march 2005..
Please read the block letter.. Machinery should be NEW, it has to be acquired and installed and it has to be after 31st march 2005..
23 August 2012
If I purchased a machinery in 2006 and now in 2012 I purchased an INSURANCS SPARE and capitalised it. Can now I claim Additional Depreciation on INSURANCE SPARE?
23 August 2012
no the whole machinery should be new and not parts or other incidental expenditure that you capitalize afterwards..
23 August 2012
Is there any definition of Machinery? Can INSURANCE SPARE be treated as Machinery??
23 August 2012
What is Insurance Spare.?
You Can Capitalize The Main Portion of Machinery if Purchased After 31/03/2005. & Can Claim Additional Dep
You Can Capitalize The Main Portion of Machinery if Purchased After 31/03/2005. & Can Claim Additional Dep
23 August 2012
Insurance spare is such spare which is specifically used in a particular machinery. it cannot be used with any other machinery.
23 August 2012
Yes, Then It Can Be Categorized as P& M.
23 August 2012
So can I claim additional depreciation on such spare??
23 August 2012
Suppose in a machine a special computer is required to operate that machine. when we purchase that machine it comes alogwith that computer also. Now if I replace that computer with a new one then it will be called as insurance spare.
as this computer is itself a machine and work alongwith other machines we can claim additional depreciation on it also. Is my contention correct?? will I be denied additional depreciation??
as this computer is itself a machine and work alongwith other machines we can claim additional depreciation on it also. Is my contention correct?? will I be denied additional depreciation??
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