Depreciation on Car from invoice date or registration date
This query is : Resolved
Sundeep Kandoi
(Querist)
04 July 2009
Hello,
Car invoice was raised in the company name on 31/03/2009.
The car was registered with RTO in the company name on 10/4/2009.
Query:
Can the company claim Half yearly depreciation on the car in the Fin. Yr. 2008-2009?
Car invoice was raised in the company name on 31/03/2009.
The car was registered with RTO in the company name on 10/4/2009.
Query:
Can the company claim Half yearly depreciation on the car in the Fin. Yr. 2008-2009?
taxindiaconnect
(Expert)
04 July 2009
The deparecaition in case of a capital assets is available from the date the capital asset is ready for use. The registration for the car is not a prerequsiite for use of the car. A car can be used even without registration, hence in this depreciation can be claimed from the date of invoice, if the car was in usable condition, means the actula delivery has taken place and insurance etc. has statred from that day.
Guest
Guest
(Expert)
04 July 2009
Agreed with Mr. Rajesh.
Furthermore, I would like to add one sentence in the above prase i.e., Possession, When you got actual possession of the capitalised assets (Car) then you can claim depreciation for the same from the date of possession.
Furthermore, I would like to add one sentence in the above prase i.e., Possession, When you got actual possession of the capitalised assets (Car) then you can claim depreciation for the same from the date of possession.
Sundeep Kandoi
(Querist)
04 July 2009
Thanks Experts,
For your feedbacks
For your feedbacks
Taranjit Singh
(Expert)
27 October 2009
Yes the company can claim Half yearly depreciation on the car in the Fin. Yr. 2008-2009.
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