bdj (propreitor) (42 Points)
20 May 2019Hello,
My client has purchased a Tempo for transporting goods for his business. I have already availed ITC on the same purchase. Can I also take Depreciation on the purchase price(minus tax component) ? For eg. My client paid 160000 (125000 price of the tempo and 35000 gst amount). Can I claim depreciation on 125000 after claiming 35000 as ITC.
Chhalani and Associates
(CA - www.cachhalani.com)
(142 Points)
Replied 20 May 2019
Yes.. u can claim depn on 1.25 L.
Shivam RC
(Student)
(23683 Points)
Replied 20 May 2019
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 20 May 2019
bdj
(propreitor)
(42 Points)
Replied 21 May 2019
Thanks. But i am confused regarding percentage now. Is it 40% or 15% ? . I believe 15% is for OTHER THAN THOSE USED IN BUSINESS. and mine is used in business. Can it not termed as Commercial vehicle on which depreciation is 40%.
Please advice.
DARSHIT RATHOD
(27 Points)
Replied 21 May 2019
MINAL
(Advocate)
(39 Points)
Replied 21 May 2019
CAclubindia
