11 August 2013
puchased a asset for 50000 on 3/5/12 and used for personal purpose.on 1/7/12 start using for business purpose dat time market value was 35000.so wat is the actual value of asset to charge the depriciation????
14 August 2013
I disagree with the expert. in my opinion the cost of asset should be taken at the purchase price i.e. 50,000 unless it is revalued. if the asset is revalued then the revalued amount shall be based.
CAclubindia
