TaxTMI 
TaxTMI 
fixed assets
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....ixed assets<br> Query (Issue) Started By: - kinjal goyal Dated:- 26-4-2011 Last Reply Date:- 29-4-2011 Income Tax<br>Got 3 Replies<br>Income Tax<br>e.g. a purchased a flat for rs. 10,00,000 on 1.4.10.....
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.... he got electric installation in flat for rs. 42,000 on 5.4.10. flat was put to use on 31.05.10. can u please tell me what amount should i record under flat head @ 10% dep ? and rs. 42,000 will be inc....
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....luded in cost of flat or it will be shown separately as electric installation @15% dep. ? Reply By GOPALJI AGRAWAL: The Reply: Seems you are talking about depreciation rates as per income tax. If ye....
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....s, the electrical fittings like wiring, switches, fan etc are covered under furniture and fixtures and dep rate is 10% w.e.f. AY 2006-07 onwards. Reply By kinjal goyal: The Reply: NO SIR ACTUALLY I ....
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....WANNA KNOW IF ELECTRIC INSTALLATION WILL BE INCLUDED IN HOUSE ONLY OR NOT AS IS WAS INSTALLED BEFORE THE ASSET WAS PUT TO USE. Reply By GOPALJI AGRAWAL: The Reply: If it is like laying down the comm....
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....on wiring etc, it would be part of house and the electrical fittings like airconditioner, expensive outside fittings should be treated as furnitures and fittings.<br> Discussion Forum - Knowledge Shar....
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....ing ....