Dear experts,
i am self employed gst registered businessman.Me and my wife are partners in the business firm.My query is
Last year we bought a samsung mobile phone for business use amount rs 96,500
this year we want to buy a new apple iphone for the business use rs 98,750
we are getting rs 30,000 for the samsung phone in exchange so my initial purchase was rs 96,500 and i am getting rs 30,000 for it so can this difference amount of rs 66,500 be claimed as depreciation and set off as business expense.
Is it worth buying the the iphone or its just a loss to upgrade,if any income tax benefit is there for self employed then will consider buying the new iphone
Similar query is for car
has bought a honda car in 2017 rs 9.5 lacs
if i sell it now i am getting a value of approx 5.5 lacs so can this 4 lacs be taken as depreciation benefit and can i think of upgrading to a better car
Please let me know,thanks
CAclubindia
