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Depreciation allowed on fixed assets?

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(Querist)
11 June 2016 Whether depreciation allowed on Fixed Assets if the same is purchased by cash payment?
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Kaushik Joshi

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Kaushik Joshi (Expert)
12 June 2016 Dear Somaas, Yes, you can claim depreciation even if you've purchased fixed assets on cash. Sec 40A(3) is an revenue expense related section. hence not applicable to fixed assets.
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Rupesh Jain

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Rupesh Jain (Expert)
13 June 2016 yes, you can claim the depreciation on assets even if you buy in cash
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