Depreciation
This query is : Resolved
APARESH GHOSH
(Querist)
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.
APARESH GHOSH
(Querist)
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%.
APARESH GHOSH
(Querist)
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%.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- ETDS return q4 25-26
- Intimation under section 245
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GST input credit on commercial property
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
