Depreciation on car held in personal name
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 July 2012
I have a car in personal name for past 3 years. Also I have a proprietor business account. Now for the past 3 years I have not been claiming depreciation on my firm balance sheet as I was employed and was drawing salary in my personal account.I have left the job 6 months back and now am concentrating on my advisory business. Can I claim depreciation on my car. If so how should I account it. In my balance sheet or my prop. firm's balance sheet.Also should I claim full 15% depreceation or 50% of 15% .Please advise
02 July 2012
1. You should introduce the car in business as capital contribution.
2. Record the car at the Fair Market Value. This can be obtained from the insurance policy.
3. Now you can claim depreciation on the value of the car from the current year.
4. Depreciation will be admissible @ 15% if the car is put to use for more than 180 days.
2. Record the car at the Fair Market Value. This can be obtained from the insurance policy.
3. Now you can claim depreciation on the value of the car from the current year.
4. Depreciation will be admissible @ 15% if the car is put to use for more than 180 days.
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