Fixed Asset Purchased in Cash & Cash paid in installments on different dates
This query is : Open
01 March 2025
Just a general query,
Suppose X purchases a fixed asset of Rs 1 Lakh in cash on 01/04/2024 , If he makes payment of whole 1 Lakh on 01/04/2024 Section 43(1) will attract & Cost of acquisition will be treated as NIL but what if he pays Rs 10000 each day from 02/04/2024 to 11/04/2024 will Rs. 100000 be treated as cost of acquisition then?
Suppose X purchases a fixed asset of Rs 1 Lakh in cash on 01/04/2024 , If he makes payment of whole 1 Lakh on 01/04/2024 Section 43(1) will attract & Cost of acquisition will be treated as NIL but what if he pays Rs 10000 each day from 02/04/2024 to 11/04/2024 will Rs. 100000 be treated as cost of acquisition then?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Non receipt of net payment but TDS filed later and ITR revised return not filed
- Presumptive tax individual
- Form 26b submission
- Interest On TDS under section 201(1A)
- TDS u/s 194IB
- GST implication in case of Proprietor
- Difference in invoice
- Share trading activity as Business income
- Due diligence of NBFC (To raise Investment from Lender)
- Tax on Equity Mutual Fund
- GST AMNESTY rectification or spl 02
- Fixed Asset Purchased in Cash & Cash paid in installments on different dates
- Residential Real Estate Project
- Wrong name entered in CSR-1 of a Society
- Regarding ITAT Appeal
- Clerical mistake in GSTR 1 entered
- Director's remuneration and RPT
- Amendment in GSTR1A
- GST adjudication monetary limit
- BSR AND CHALLAN SERIAL NUMBER IN CASE OF BANK ATTACHMENT ?
Trending Online Classes
CAclubindia
