Hi everyone...
Whether Depreciation can be claimed for second hand car under sec.32 of IT Act?????...
5 Replies
leeladhar
(apprentice)
(261 Points)
Replied 30 January 2012
yes, If it is used for Business. It is grouped under plant and machinery and the tax rate is 15%.
Devendra
(Chartered Accountant)
(4775 Points)
Replied 30 January 2012
Only if the car is used for Business purpose, then only Depreciation can be claimed on it @ 15%.
Regards,
Devendra Kulkarni
R.Chitra Lekha
(B.com , CA (Ipcc) )
(115 Points)
Replied 30 January 2012
for business purpose dep can b claimed............ it can b claimed at d rate of 15%
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 31 January 2012
Agree with above....
car must use for business purpose...
rate is 15%
Roshan A
(Chartered Accountant)
(458 Points)
Replied 31 January 2012
Normal Depreciation u/s 32 can be claimed but not ADDITIONAL DEPRECIATION which is allowable in the first year of purchase of NEW Plant & Machinery.
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