Depreciation for non business use assets

Page no : 2

Ankita garg (Student CA Final ) (47 Points)
Replied 13 March 2022

Depreciation is not allowed on personal assets. depreciation is only allowed for assets used in business. If you are a salaried person, You can't claim depreciation.

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Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 13 March 2022

There is no question of balance sheet for salary category if the GTI is below 50laks .

JJJ (Need help) (673 Points)
Replied 14 March 2022

Continue doing that if you want to have a more realistic picture of your financial position. But you shouldn't claim depreciation in your expense calculation (ie no reducing your tax).

Aniket Kumar (99 Points)
Replied 14 March 2022

What if I have shown some presumptive income from business and the vehicle is used for the business? Can then depreciation be claimed?

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 14 March 2022

Presumptive income itself deemed deduction of all deductions..So you may just give the figures in Balance sheet and you can't claim further depreciation

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JJJ (Need help) (673 Points)
Replied 14 March 2022

Originally posted by : Aniket Kumar
	What if I have shown some presumptive income from business and the vehicle is used for the business? Can then depreciation be claimed?