Depreciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 A person bussiness is buying vehicles(eg:buses,cars) and giving them to hire for others on yearly basis now what is the rate of depreciaton he has to calculate every year is it 30% or 15% and in which cases we have to calculate depreciation rate @ 15%.Please clarify

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 May 2012 Depreciation rates are as under:

Motor cars, other than those used in a business of running them on hire - 15%

Motor buses, motor lorries and motor taxis used in a business of running them on hire - 30%

In your case, it seems that the person is engaged in business of letting out vehicles on hire. Accordingly, the rate of depreciation will be 30%.

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