Can anyone explain the rate of depreciation applicable on ship.
(a) 20% as given in rules
or
(b) 15% considering ship as PLANT as defined u/s 43(3)
Answer with legal support plz
rate of depreciation for ship is 20%.
because sec.43(3) defines only that plant include ship.
under rule there are different different rate for different different plant and machinery and that are specific .
so on ship spefidic rate of 20% will be applicable.
CAclubindia
