08 August 2007
Dear friends, Pls, guide that can i charge depreciation on truck which we have given on lease with conditions that title will transfer after 10 years at Re 1 Cost. Last year we had not charged depreciation, but this year we want claim deprecion on trucks. Can we do that?
29 August 2007
As per AS19 only the leasee can claim depreciation.But as per IT act only leaser can claim depreciation. You can calim depreciation even if you have not claimed for the earlier year. But you can claim on the basis of PY WDV only and not on the purchase cost. So,the depreciation not claimed cannot be claimed in the future years.
CAclubindia
