if someone purchases a fixed asset like car (f.y.16-17) in cash for personal use and does not want to claim depreciation on that
will it be allowed or not
or any impact in itr
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purchase of fixed asset in cash
Replies (4)
No it will not impact since as you told it is purchased for personal use. in books of accounts that is not being shown then depriciation will also not allowed. cash purchase should be avoided , in business it will disallowed even for personal use cash transaction for big amount should avoided.
Yes Mr Rahul is correct, just to add in addition it is 'Source of cash' should be proper
Asset for personal use will not have any effect. On the contrary if you purchase a business asset by cash, you cannot avail depreciation benefit w.e.f A.Y2018-19
Sir , needed at time of income tax scrutiny
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