Claim depreciation for an old asset
This query is : Resolved
01 March 2015
My brother is a photographer and is currently freelancing.
1. Does such income come under income from business/profession?
2. We had purchased a motorcycle under his name 4 yrs back but he started freelancing just last yr in 2014 and uses the same for traveling to clients place, so can he claim depreciation in AY 2015-16?
3. If yes then will it be calculated on the original cost on 2011, or on wdv as on 2014 after assuming depreciation for first 3 yrs.
We haven't claimed any depreciation on the bike for any earlier AY
Thank u
01 March 2015
His income is taxable under income from business/profession. He can claim depreciation on wdv after assuming depreciation for first 3 yrs.
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