Depreciation on commission income

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2015 ONE OF MY CLIENT RECEIVED ONLY COMMISSION INCOME. NOW AS HE GOING TO BUY A MOTOR CAR. CAN HE AVAIL THE BENEFIT OF DEPRECIATION ON MOTOR CAR AND HOW MUCH %.

SUPPOSE HE IS ELIGIBLE FOR DEPRECIATION ON MOTOR CAR FOR THIS YEAR, IT IS WELL & GOOD.

BUT, IF HE IS NOT ABLE TO GET THE COMMISSION INCOME NEXT YEAR, THEN CAN HE CLAIM THE DEPRECIATION ON NEXT YEAR.

AJAY SINGH

AJAY SINGH (Expert)
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05 December 2015 YES HE can Claim Depriciation @15@ P.a. on WDV Basisi as per Income Tax Act 1961

CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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06 December 2015 Yes he can claim depreciation @ 15% p.a. as per Income Tax Act, 1961. Once asset has been put to use then you can claim depreciation every year even if there is no income. In that case Unabsorbed depreciation will be carry forward and can be set off in the future years.

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Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2015 THANK YOU VERY MUCH MR AJAY SINGH & MR JAINAM SHAH.

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