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Depreciation on second hand machinery

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2016 Dear Experts

We have purchased second hand machinery during the last FY which has useful life for more than 3 years. Can we booked as capital expenditure or not? can we claim depreciation or not?

As per my knowledge, this expenses is a capital expenditure and also depreciation can be claimed on this as per income tax act.

Please suggest.
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CA Mohit Bansal

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CA Mohit Bansal (Expert)
30 July 2016 Yes! Depreciation can be claimed on the second hand asset from the date put to use

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