If i have to purchase a capital asset which method i should use to calculated capital budgeting NPV or IRR?

Id depend on the value of investment the bigger the investment is the multi dimensional analysis for the return on investment is required including cash flow management.NPV and IRR both can be used for capital budgeting.

Both are used in capital budgeting.

NPV to find the net cashflow after discounting of the future cash inflows..

IRR to find the the economic rate of return.

IRR