Claim of depreciation
This query is : Resolved
18 June 2015
Can I Claim Depreciation on a car which is originally purchased for personal purpose but afterward used for the purpose of business and Profession.
Further If yes then, what would be the basis of Valuation of the asset and how it would be included in the block of asset ?
Give reference of the relevent sections of the income Tax act
Further If yes then, what would be the basis of Valuation of the asset and how it would be included in the block of asset ?
Give reference of the relevent sections of the income Tax act
18 June 2015
Yup del would be allowed and the cost of the car would be taken as per sec 43(1) the actual cost paid for the car. No notional dep would be charged.
18 June 2015
YOU CAN TAKE THE VALUATIN OF CAR FROM OUTSIDER OR YOU TAKE THE CAR AFTER TAKING DEPRECIATION ON THE PERIOD ALREADY USED.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
