As per INDAS-16, Property, Plant, and equipment, Tangible assets means having a substance of its own.
I assume we are discussing Initial Recognition of Tangible assets here, which should be at cost. This means any asset shall be recorded in books initially at cost and depreciation on the same shall be charged and accounted for at the end of the year.
How to Present?
As per IndAS-16, amount of any tangible asset that should be disclosed at the end of the year in the Balance sheet is net of depreciation. All the amount and working related to depreciation, sale/purchase, shall be disclosed in Notes to Accounts, forming part of Balance Sheet.
Example:
X Ltd purchased the asset on 1/04/2018 for Rs.100,000, depreciation on the same is Rs.20000.
Cost of asset=100000 (Initial Recognition) on 01/04/2018
At the end of the year-
Cost of Asset- 1,00,000
Less: Depreciation- 20,000
Carrying amount as on 31/03/2019 = 80,000
Extracts of the Balance sheet as at 31/03/2019