FIXED ASSET DEPRECIATION CLAIM

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies that you can still claim depreciation on a fixed asset even if you've purchased it on credit and defaulted on payments, according to income tax rules. However, depreciation cannot be claimed on purely personal assets like a home or car if you are not running a business.

RAKESH

RAKESH (Querist)
Follow

13 November 2021 If someone had purchased fixed asset on credit and defaults in making the payment of fixed asset payment . still he is able to claim the depreciation and what is the treatment in income tax

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 November 2021 Yes, still he is able to claim the depreciation

RAKESH

RAKESH (Querist)
Follow

13 November 2021 Any individual who is not carrying any business , can he claim depreciation on personal assets like building , car , and any other personal assets

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 November 2021 No, he can't claim depreciation on personal assets.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now