LAST YEAR M/S XYZ A P'SHIP FIRM SHOWED THEIR OFFICE FLAT AS INVESTMENT IN THEIR BALANCE SHEET. BUT NOW THEY WANT TO SHOW IT AS A FIXED ASSET OF THE FIRM AND CLAIM DEPRECIATION ON IT @ 10%. IS THIS POSSIBLE TO SAVE TAX?
1 Replies
Athmaram
(Articled Assistant)
(170 Points)
Replied 20 March 2011
If the asset is registered in the name of the firm then it can be shown as a Fixed Asset and Depn can be claimed.
Thanks & Regards
Ram.
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