Input on capital goods
Ankit Shah (9 Points)
17 March 2020
Can i claim itc on capital good purchase. If no then what is the procedure for claiming depreciation on it
4 Replies
CA Kaushal Sharda
(Partner - K Sharda & Co)
(135 Points)
Replied 17 March 2020
You can claim ITC for capital goods purchased provided it is not restricted u/s 17(5). If you do claim ITC then you have to capitalise just the Taxable Value and claim depreciation on the same.
If you decide not to claim ITC then capitalise the entire invoice value and claim depreciation on the same.
CA Naveen Chand
(Chartered Accountant)
(12739 Points)
Replied 17 March 2020
ITC can be availed on capital goods at once (100%)
CA Naveen Chand
(Chartered Accountant)
(12739 Points)
Replied 17 March 2020
Important Note : Depreciation shall be charged on reduced value (i.e., Cost - ITC claimed)
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 17 March 2020
@ Mr Ankit Shah.,
Yes... You can claim ITC for the purchase of Capital Goods...
Depreciation on the basic value of the goods...
Yes... You can claim ITC for the purchase of Capital Goods...
Depreciation on the basic value of the goods...
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