Sale of computers

This query is : Resolved

CA Sumiit B Nagpal (Querist)
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26 January 2012 I want to show computers of directors and employees in co.s name and claim depreciation on that. Laptops and computers are in the name of directors and employees purchased 2 yrs ago, now i want to transfer all of them to business by showing sale of them to co.
I want to know whether any instrument for sale is necessary in the given circumstances. If yes ,then what instrument like a sale agreement on a stamp paper or something like that?

Vivek Mehta (CA, DISA,CS, MBA)

Vivek Mehta (CA, DISA,CS, MBA) (Expert)
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26 January 2012 No such Instruent is required...you can simply make the things in writing and may pay a consideration that you want to directors and employee and then you can record the same in the books of Co. and claim the depreciation on it...or the other way is that you can trf and show it as a gift from director and employee to co. and then you can claim the depreciation on same on the recorded value.