Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Can depreciation be claimed on luxury watches or apparels used in office?

2072 views

Save Share

Kritika

26 Points Posted on 08 October 2021

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?

Replies (3)

Quick Summary

This discussion explores whether depreciation can be claimed on luxury watches or apparel if they are used exclusively for business purposes and kept at the office. It highlights the need to prove business use and mentions that the claim is allowed if the asset is put to use for the company's business. The common practice and potential case law are also touched upon, with a humorous 'LOL' response suggesting it's unlikely for items like replica Rolex watches.

JGM

Knowledge Sharer

285 Points Posted on 14 October 2021

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

Ghaba Maba

scool

22 Points Posted on 02 June 2025

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!