26 March 2016
Sir one of my client is a salary income & during previous year he purchased a moter cycle & he have no business income whether he claim depreciation & shown as a loss under the business & profession
26 March 2016
The said motor cycle is not used in any business & profession. Thus, no depreciation can be claimed by showing a loss under head business & profession. if motor cycle is used in running a business, then depreciation @ 15% can be claimed as expense in Profit & Loss account.
CAclubindia
