banner_ad

Claim of depreciation

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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
Profile Image

CA Pallav Singhania

Profile Image

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.
Profile Image

Rupesh Jain

Profile Image

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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details