Can income tax depreciation be claimed on above mentioned things if kept exclusively in office or used exclusively for office purpose? do office purpose need to be proved? Is there any way to claim depreciation or any case law to refrain from same? What is the common practice in industry?
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Can depreciation be claimed on luxury watches or apparels used in office?
Replies (3)
It depends upon the business and whether you can substantiate that these were used for the purpose of business. The claim for depreciation is allowed if it can be shown that the asset is put to use for the Company's business
Hi everyone,
I’m curious if anyone here has experience with rolex submariner replica watches in an office environment. Would it be possible to claim depreciation if such a watch is used exclusively for business purposes, like as part of a uniform or for representing the company image? Any insights would be appreciated!
Hi Kritika
Answer is LOL
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