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Jewellery is fixed assets or current assets

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2016 Dear Tax Experts

I want to know Jewellery is a fixed assets or current assets if this hold more than one financial year. in case if it is fixed asset how much depreciation charges as per IT Act?
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Sandeep Dharar

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Sandeep Dharar (Expert)
06 December 2016 It is investments.
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CA Suresh Jain

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CA Suresh Jain (Expert)
06 December 2016 What is nature of your business and what is the purpose of your buying jewelry
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