Depreciation
This query is : Resolved
09 February 2011
If an assessee uses his/her personal car for hiring purposes to his/her family business in which he/she is not a Partner/Director/Proprietor,then what will be the rate of depreciation as per Income Tax Act. The assessee is also getting the hiring charges from the firm for the same.
I have asked for the rate of depreciation.The car is not meant for commercial use. It is used in the family business and there by the assessee is earning income which is shown in the Accounts as Car Hiring Charges.
If the rate of depreciation is 30% in this case can the assessee has option of taking lower rate of depreciation e.g.15%.
What will be the implication if the assessee had shown the rate of depreciation as 15% where as the rate should be 30%.
I have asked for the rate of depreciation.The car is not meant for commercial use. It is used in the family business and there by the assessee is earning income which is shown in the Accounts as Car Hiring Charges.
If the rate of depreciation is 30% in this case can the assessee has option of taking lower rate of depreciation e.g.15%.
What will be the implication if the assessee had shown the rate of depreciation as 15% where as the rate should be 30%.
Guest
Guest
(Expert)
09 February 2011
If car is being on hire and it is business assets of car hiring business, depreciation can be claimed.
09 February 2011
If an assessee uses his/her personal car for hiring purposes to his/her family business in which he/she is not a Partner/Director/Proprietor,then what will be the rate of depreciation as per Income Tax Act. The assessee is also getting the hiring charges from the firm for the same.
I have asked for the rate of depreciation.The car is not meant for commercial use. It is used in the family business and there by the assessee is earning income which is shown in the Accounts as Car Hiring Charges.
If the rate of depreciation is 30% in this case can the assessee has option of taking lower rate of depreciation e.g.15%.
What will be the implication if the assessee had shown the rate of depreciation as 15% where as the rate should be 30%.
I have asked for the rate of depreciation.The car is not meant for commercial use. It is used in the family business and there by the assessee is earning income which is shown in the Accounts as Car Hiring Charges.
If the rate of depreciation is 30% in this case can the assessee has option of taking lower rate of depreciation e.g.15%.
What will be the implication if the assessee had shown the rate of depreciation as 15% where as the rate should be 30%.
09 February 2011
I have asked for the rate of depreciation.The car is not meant for commercial use. It is used in the family business and there by the assessee is earning income which is shown in the Accounts as Car Hiring Charges.
If the rate of depreciation is 30% in this case can the assessee has option of taking lower rate of depreciation e.g.15%.
What will be the implication if the assessee had shown the rate of depreciation as 15% where as the rate should be 30%.
If the rate of depreciation is 30% in this case can the assessee has option of taking lower rate of depreciation e.g.15%.
What will be the implication if the assessee had shown the rate of depreciation as 15% where as the rate should be 30%.
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