Depreciation on motor cycle

AMIT KR GHOSH (TAX CONSULTANT) (143 Points)

16 February 2017

I PURCHASE A MOTOR CYCLE IN MY PERSONAL NAME. HOW WILL I SHOW THE DEPRECIATION IN MY PERSONAL P&L AND BALANCE SHEET.

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 16 February 2017

No depreciation allowed on any personal asset. If you are using it for any of proprietorship business/profession, you can take advantage.

AMIT KR GHOSH (TAX CONSULTANT) (143 Points)
Replied 16 February 2017

THE PURCHASE VALUE WILL BE SHOWN IN BALANCE SHEET IN EVERY YEAR.AS THE MOTOR CYCLE IS FOR PERSONAL USE

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 16 February 2017

Yes, at the time of sell the whole amount will be written off as personal expenditure after adjustment of sell value.

AMIT KR GHOSH (TAX CONSULTANT) (143 Points)
Replied 16 February 2017

THANKS FOR YR REPLY,

IF IT IS USED FOR MY BUSINESS PURPOSE PARTLY

THEN WHAT WILL BE SHOWN IN MY BALANCE SHEET

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 16 February 2017

It will be capital investment in your business.

AMIT KR GHOSH (TAX CONSULTANT) (143 Points)
Replied 17 February 2017

Thanks

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