Depreciation
This query is : Resolved
Poonam Lohiya
(Querist)
29 March 2015
sir
My car got an accident and i sold it. i also received insurace claim. my car was sold in 1st half of year but i received inscurance claim in second half as claim was cleared in 1st half but recived in second half. how to calculate depreciation. (Toal less sales value less insurance claim)in first half and charged @ 15% or some other????? please reply soon
My car got an accident and i sold it. i also received insurace claim. my car was sold in 1st half of year but i received inscurance claim in second half as claim was cleared in 1st half but recived in second half. how to calculate depreciation. (Toal less sales value less insurance claim)in first half and charged @ 15% or some other????? please reply soon
29 March 2015
no depreciation for the year of sale of the asset. So, Depreciation cannot be claimed.
Poonam Lohiya
(Querist)
30 March 2015
But I purchased new car can I claim depreciation on that
30 March 2015
Yes. You can claim depreciation on your new car.
In case, the period of holding is less than 180 days, then half of the normal rate and more than 180, then normal rate of depreciation i.e., 15%
In case, the period of holding is less than 180 days, then half of the normal rate and more than 180, then normal rate of depreciation i.e., 15%
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