depreciable asset

[zeeshan687]

Please solve my problem...

suppose Mr.X is the owner of Lucky irani circus..his all assets are animals like lion, elephant etc.

according to 22(15) depreciable assets are those assets which are tangible, movable, lose value with normal wear and tear, owned by owner, used in business....

all the characteristics of depriciable asset are found in MR. X assets.(lion and elephant)

i want to know weather in this case, lions and elephants are depriciabe assets or not???

if yes then what rate will be applied?

[Sarfaraz Khan]

here, animals are use to generate revenue by operational activities, they could not be the fixed assets, same like human resource (employee) gives services to generate revenue in service industry.

[zeeshan687]

respected brother,
fixed assets woh hoty hain na jin ki useful life more than one year ho..jin assets ki bat mene ki unki useful life to bht ziada hoti hai..elephants ki to 100 years sy bhi ziada hoti hai..to ye hamary fixed assets he hoye na...

[Sarfaraz Khan]

mere bhai )..main nai kahi nahi suna hatii ko depreciate hotai hoye P chaye wo 200 sal ka he kion naho...

[[email protected]]

phr to hati ki service danay par govt mei services tax bhi dana parhayga 6%

[zeeshan687]

magar baray bhai sahab, these animals are surely the assets of mr.X..... 22(15) mai law nai hamain depriciable assets k characteristics btaye.....aur ye sary characteristics Mr. X k assets mai bhi hain...

in assets ki tax depriciation admissible hogi, so mr x ko in assets py depriciation leni he hogi...magar kesy???????????????

[zeeshan687]

kafi bari bet lagi hai is question py..plz help me

[zeeshan687]

bhai je baki tax ko ignore kar dain..srf depriciable assets ka batain na

[Sarfaraz Khan]

kia app k pas hatii k purchase invoice hai? kia us k koi market price hai?
bhai thek hai wo ap ka asset hai , but not a fixed aset, maire aqal to ye he khete hai ..sorry dear kabhi accounting main ham ko hateon ko depreciate kar nai ka parhaya nahi gaya$..main mafi chta hon $

[LapTop]

Depreciation Accounting ki terminology hay, or may accountant nahi ho theek ye baat zahan may rakhiye ga,,,,, ap depreciation layn ya na layn accounting process k liye.

In my opinion, koi jandar aap ka assets to ho sakta hay par ye aap ka depreciable asset nahi ho sakta.

“depreciable asset” means any tangible movable property, immovable property (other than unimproved land), or structural improvement to immovable property, owned by a person that –
(a) has a normal useful life exceeding one year;
(b) is likely to lose value as a result of normal wear and tear, or obsolescence; and
(c) is used wholly or partly by the.

Depreciable essets k liye definition may 3 sharayet di gai han, agar ye tino sharayat pori hon gi to Income Tax k hawaly say aap depreciation charge kar sakty han,

Jab k aap k case may 2nd number ki shart pori nahi ho rahi hay,,,, ap janwaron ka istemal to karty han circus may par us say un ki value may koi farak nahi aata or na hi un ki useful life mutasir hoti hay ya us may kami aati hay,

Is liye ye aap k capital assets to ho sakty han par ye aap k depreciable assets nahi ho sakty,

Is hawaly say ik SRO meri nazar say guzra tha, dairy k hawaly say us may asset gaye bhansyn thin wo mil nahi raha , mil gya to mazeed clear ho jaye ga

[zeeshan687]

with due respect,
bary bhai sahab, they surely lose thier value as a result of normal wear and tear...jesi performance aaj hai in assets ki...wesy aj sy 15 ya 20 saal bad to nahi hogi..obviously wear and tear ho gi....

actualy ye question last one month sy zair-e-behas hai..in sab baton py kafi behas already ho chuki hai...

i am a student of commisioner of income tax, and accoridng to him is py depriciation rate charge hota hai.. -( -(

[LapTop]

Acha to zeeshan bhai ab aap say baat karny may to or bhi maza aaye ga na, akhir ko aap commissioner of income tax k student jo thayry.

Chaly ab mera sawal ye hay, k may ik hathi kharidlayta hon missal k tor par 100,000 ka,, ab may usy circus k liye tyar karta hon 1 sal tak, ab aap mujhay ye batayen k 1 sal bad us ki value kam ho jaye gi ya us ki value bhary gi?

Ik aam hathi ap kharidyn gay to us ki value or ik 10 sala tajurbakar hathi k value 1 jaysi ho gi kya?

Ap jitna ik hathi ko circus may istemal karyn gay us ki efficiency bhary gi yak am ho gi?

1 hathi k depreciation nikalny k liye aap kon sa method use karyn gay reducing method ko chor kar, us ki useful life kaysy nikaly gay?

Daykhyn jandar ki depreciation aap nikal hi nahi sakty, ab agar koi shaks dary ka kaam karta hay to kya wo bhanson ki depreciation nikaly ga wo bhi to us k assets hoti han,,,

Is liye income tax may ik ko capital assets conceder kiya jata hay or depreciation charge nahi hoti hay,, in par ya to capital gain hota hay ya phir capital loss,

[LapTop]

Chaly ab commissioner sahib nay bola hay to ham man bhi laity han agar k depreciation charge ho gi to 1 chota sa question or hay mera depreciation rate kya ho ga, ye zaror poch kar bataiye ga commissioner sahib say, k third schedule may daykh kar batayen.

[LapTop]

20. Deductions in computing income chargeable under the head “Income from Business”.-

(1A) Subject to this Ordinance, where animals which have been used for the purposes of the business or profession otherwise than as stock-in-trade and have died or become permanently useless for such purposes, the difference between the actual cost to the taxpayer of the animals and the amount, if any, realized in respect of the carcasses or animals.

[zeeshan687]

is sub section mai depreciation ka zikar kahan hai plz kindly woh bhi bata dain...