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
4 Replies
Rahul Prasad
(CA Student)
(1683 Points)
Replied 17 March 2018
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.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 17 March 2018
Yes Mr Rahul is correct, just to add in addition it is 'Source of cash' should be proper
Sundararajan S
(Final Student of ICAI)
(1764 Points)
Replied 17 March 2018
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
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 17 March 2018
Sir , needed at time of income tax scrutiny
Recent Topics
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
- How to reverse wrong transaction payment in phonep
- Paytm wrong transaction
- How to reverse wrong transaction payment in phonep
- Issue with refund for person who has filed for rel
- How to take ITC for October 2024 GST Payment in PM
- How to refund a wrong transaction Phone Pe?
Related Threads
CAclubindia
