DEPRECIATION ON VEHICLES

This query is : Resolved

Snarayanaswamy (Querist)
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16 March 2008 DEAR SIR

IS IT ALLOWED BY AN INDIVIDUAL ASSESSEE, TO CLAIM A LESSER RATE OF DEPRECIATION ON THE VEHICLES, USED DURING THE YEAR, FOR INCOME TAX PURPOSES

S.NARAYANASWAMY

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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16 March 2008 On vehicles (if not used for the purpose of letting them on hire) by the assessee, sec 32 says depreciation is allowed @ 15%, whether or not the assesee claims the dep

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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16 March 2008 Even in the case of let out vehicles, the depreciation is allowed but at higher rate. i.e.,30%

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CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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17 March 2008 15% DEPRECIATION IN CASE OF VWCHILES WHICH ARE NOT LET OUT ON HIRE