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
CA Pallav Singhania
(Expert)
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.
Rupesh Jain
(Expert)
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.
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