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?
Menu
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
What is LOL?
Expanded version is:-
Lough Out Loud
Make it Very Loud
Recent Topics :
- Section 56(2)(x)(xi) applicability to compensation
- How to claim exempt income u/s 10(26) in ITR-1 of
- 63053900 tax rate
- Clubbing of deceased's income
- Which ITR to use
- Sovereign gold bond capital gain
- In TDS section no column for relationship in itr
- Query related to agricultural income of Trust
- Full & Final Settlement — what changed u
- Capital gains or losses when new equity was issued
Related Topics :
CAclubindia
