Depreciation on second hand machinery
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2016
Dear Experts
We have purchased second hand machinery during the last FY which has useful life for more than 3 years. Can we booked as capital expenditure or not? can we claim depreciation or not?
As per my knowledge, this expenses is a capital expenditure and also depreciation can be claimed on this as per income tax act.
Please suggest.
We have purchased second hand machinery during the last FY which has useful life for more than 3 years. Can we booked as capital expenditure or not? can we claim depreciation or not?
As per my knowledge, this expenses is a capital expenditure and also depreciation can be claimed on this as per income tax act.
Please suggest.
CA Mohit Bansal
(Expert)
30 July 2016
Yes! Depreciation can be claimed on the second hand asset from the date put to use
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