can a fixed asset on which depreciation is claiming, can be sent to other premises on rental basis and raise invoice and paying get to govt.
can this transaction be valid considering the A.S, IT act, GST
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depreciation and gst
Replies (3)
Yes , its valid & GST is applicable on its rental income.
Transfer of right to use goods without transfer of possession is cover under schedule II
Eg. Genset given to Bank on monthly rental basis.
Transfer of right to use goods without transfer of possession is cover under schedule II
Eg. Genset given to Bank on monthly rental basis.
can we show it as a fixed asset in our b/s
Yes ,... offcoures
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