Depreciation is allowed or not
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 June 2012
My uncle is a Doctor(Professional). He has a car on which he is taking depreciation u/s 32(1). Now he wants to buy another car. Whether he can claim depreciation on such car also. (He is practicing alone)
22 June 2012
Dep. is allowed on the assets use in the Business or Profession.
Here if it is used for Profession of Dr. than Dep. can be allowed. But on query from Department it has to prove that the second car is also used in the Profession.
Here if it is used for Profession of Dr. than Dep. can be allowed. But on query from Department it has to prove that the second car is also used in the Profession.
22 June 2012
Even, in case of a Single Car held by the assessee, the AO disallows certain percentage of car expenses and Depreciation, taking the contention that the car must have been used for personal purpose also. The assessee has to accept.
.
The claim of Depreciation on Second Car is likeley to be disallowed as the expert Mr Ahir has discussed. However, if Log Book is being maintained, then in such circumstances the AO has to rely on that while deciding the quantum of disallowance.
.
.
The claim of Depreciation on Second Car is likeley to be disallowed as the expert Mr Ahir has discussed. However, if Log Book is being maintained, then in such circumstances the AO has to rely on that while deciding the quantum of disallowance.
.
08 August 2012
@ Paras Bafna
Sir, Is a Doctor who has both income from salaries and practices as a consultant claim depreciation on the car he uses for his travel?
If yes, is it available even if he doesnt maintain accounts for the business?
Sir, Is a Doctor who has both income from salaries and practices as a consultant claim depreciation on the car he uses for his travel?
If yes, is it available even if he doesnt maintain accounts for the business?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Import license renewal
- Inventory of finished goods
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
