Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2015
Sir,
In Karnataka Life Time Road tax is charged when you purchase a car. As the amount is substantial, running into lacs when cost of car is high, WHETHER AMOUNT PAID AS LIFE TIME ROAD TAX CAN BE INCLUDED IN THE COST OF THE CAR FOR CLAIMING DEPRECIATION HAVING BUSINESS INCOME?
Thanks
In Karnataka Life Time Road tax is charged when you purchase a car. As the amount is substantial, running into lacs when cost of car is high, WHETHER AMOUNT PAID AS LIFE TIME ROAD TAX CAN BE INCLUDED IN THE COST OF THE CAR FOR CLAIMING DEPRECIATION HAVING BUSINESS INCOME?
Thanks
07 July 2015
only the inital cost incurred for insurance while purchasing the asset can be capitalised and other than this insurance cannot be capitalised for claiming the depreciation.
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