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Depreciation on purchase of new car

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(Querist)
03 March 2019 I have purchased a new car on 9-9-2018. The car is wholly for business purpose. Can I charge depreciation on this new car as I have only one car in the block of asset related to motor vehicle.

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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 March 2019 Yes you can capitalise in the books of accounts and charge depreciation on the car used in business.

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