Parth Shah (Service) (35 Points)
16 July 2010Hey i m CA final student.. i have one query.. if new motor car is purchased on Feb 2009 and as per Income Tax Depreciation was charged at 50% , then whether depreciation is to be charged at 50% only for the year 2009-10 if no addition has been made during the year..?
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 16 July 2010
Depreciation to be charged @ 50% only. However deprecaition was available for heavy vehicles.
RAJ
(CA)
(120 Points)
Replied 17 July 2010
Motor Car purchased and put to use less than 6 months in a F.Y
Depreciation will be 50% of Rate at which depreciation is applicable to the particular asset.
For Eg:. Motor Cars other than those used in a business of running them on hiring the applicable Rate of Dep is 15%. So only 7.5% shall be allowed.
However in the following Financial years full Depreciation (for eg.: 15%) shall be applicable
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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