asking this out of curiosity. chair is needed for F & O trading . gold plated laptop , chair , table for F & O purpose & show it as F & O business expense
question is just to understand scope of expenses that can be claimed for F & O trading
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funny 
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… just an idea…but would love to make most & save for rainy day
So it is like office furniture which will be shown in balance sheet, and then claim necessary depreciation( in this case as it’s made of gold not sure how would that be) and when you sell it later, it will be added into your profits (profit from sale of goods)
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waah waah… great example of tax invasion and not tax avoidance
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Good thinking but you can’t claim depreciation on gold I think , so you might only be allowed to claim depreciation on value of chair minus the amount of gold involved which would be normal.
Neither buying gold chair could be treated as Miscellaneous expense. You may try so though and see if it goes unnoticed.
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And you ask why an audit is even required in the first place…
yah when in profit buy chair when in loss sell off chair 
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nah nah i m not trying to hide anything…i m asking if that is possible legally
hmmm … but i m asking if its possible legally … bill would be proper for gold /diamond studded chair table not hidden or sumthing like that
Keeping aside the legality and the fact that it is highly unusual, I also do not think it makes any sense [in terms of tax outflow].
At the most, I guess you could classify the furniture as assets used in business and claim deprecation, year after year [10% on the written down value is the relevant rate for furniture and fittings under the Income Tax Act].
However, at the time of sale or disposal of depreciable assets [i.e., assets on which depreciation has been charged], the difference between the sale proceeds and the written down value of the asset shall always be treated as short term capital gains / loss, irrespective of the period for which the asset has been held.
Conversely, holding the furniture as a mode of investment, is not only appropriate, but also more favorable since, you can claim the benefit of indexation [cost adjusted for inflation], if the asset is held for more than 3 years.
But yeah, better to take the counsel of a tax consultant on these matters.
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thanks.
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Are you making that much profit from F&O trading? Can you guide me too?
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haha …no bro i’m not making that sort of money …just asked this for understanding purpose only 