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Depreciation

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(Querist)
05 December 2014 if there is a fixed asset used(say a car) used by the assessee for his personal use for a particular period (say 2 years) and as used for personal use, he cannot claim depreciation for same. after dat time he transfers that asset to his business, then what will be the opening value of that asset? whether it will the purchase cost or WDV till date.

Thankyou in advance
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
05 December 2014 Assets will be brought in books of accounts of business at WDV.
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