Is depreciation charged on personal assets
Gowtham
(Student)
(1174 Points)
Replied 11 June 2015
Why should u charge?
Any expenditure of personal nature are disallowed u/s 37(1) of IT Act.
CA Salman Ansari
(Salman Ansari & Assoc.)
(247 Points)
Replied 11 June 2015
The answer is No.
Why? Because Income Tax Act, 1961 has mentioned depreciation in the middle of sections that deal with Profits & Gains of Business & Profession, making it pretty clear that depreciation is allowed as a business expenditure only.
Ashok khatod
(Article Assistant)
(25 Points)
Replied 11 June 2015
varsha naik
(Chartered Accountant)
(303 Points)
Replied 11 June 2015
Only Assets used for Business purpose is eligible for Depreciation.
Yeshwanth
(CA Practice )
(24 Points)
Replied 13 June 2015
Yeshwanth
(CA Practice )
(24 Points)
Replied 13 June 2015
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