banner_ad

Depreciation

This query is : Resolved 
Profile Image

Profile Image

(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%.
Profile Image

Guest

Profile Image

Guest (Expert)
09 February 2011 If car is being on hire and it is business assets of car hiring business, depreciation can be claimed.
Profile Image

APARESH GHOSH

Profile Image

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%.
Profile Image

APARESH GHOSH

Profile Image

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%.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details