depreciation

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Guest

Guest (Querist)

21 December 2009 can full year depreciation be claimed on a motor car purchased on 30/9 of a Financial Year??
can AO allow only 1/2 year depreciation under the plea that if its purchased on 30/9, it cant be put to use for 180 days, & so only 7-1/2 year depreciation is allowed??

Heera Nahariya

Heera Nahariya (Expert)
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21 December 2009 If the underlying asset is put to use more than 180 days full depreciation is to be claimed.
If you cannot establish that the asset is put into the use for more than 180 days only 50% of depreciation is available,

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 December 2009 The date of payment of vehicle tax or the date of obtaining vehicle number whichever is later may be considered as the date from which the vehicle is put to use. From that date if the vehicle is put into use for a period of less than 180 days, then AO can restrict depreciation allowance to 1/2 of the normal rate.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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21 December 2009 If less than 180 days depriciation will be 50% and if 180 days above than you can claimed 100% depriciation on your car.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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21 December 2009 agree

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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21 December 2009 agree

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