In a Construction company can we capitalize the cost incurred for purchasing a gas cylinder used for Welding ?

Assets can be capitalized if its life(use) is consiting of more than1 financial year of economic benefits from the assets can be achieved during the estimated life of assets which should be more than one year and most of the companies are defining the minimum amount of asset which should be capitalized so it should not be below that amount.The Gas cylinder can be capitalized and depreicated over the useful life.

Yes, It can be capitalized because Gas Cylinders will not be used for one projects. It is outright purchase and will benefit company for more than one year.

In such business, treat it as revenue expense or if amount is large, treat it as deferred revenue expense. So that you can take it to balance sheet and then write it off in income statement for next periods. But only in case if its large as a percentage of total expenses.