depricitaion under it act
Vishal joshi (lawyer) (61 Points)
18 July 2018
I purchased a car in 27.12.17 under 18-19 ay can i depriciate such asset if yes then how to calculate it plz rpy
5 Replies
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 18 July 2018
Yes.You can claim depreciation for less than 182 days ie half of 15% ie 7.5% of purchase value.
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 18 July 2018
Then also u can claim depreciation provided u have to use it for your professional purpose.
U can claim depreciation for total purchase value and in your Balancesheet u have to show car as asset and vehicle loan as liability.
Vishal joshi
(lawyer)
(61 Points)
Replied 18 July 2018
Professional purpose means ? i used it for my personal purpose so that it is not depriciable in my it return? because in my it return there i showing all my sb a/c and also my business profit both.So that can i depriciate the car in my accounts ?
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 18 July 2018
Sir I thouught u r using it for your profession as a lawyer. U can claim depreciation by declaring like u are using car for business purpose.
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