Sir,
I purchased a car 10 years back, however, due to lack of knowledge I never claimed depreciation on the car despite it being used for business and profession. Now the WDV of the car is Zero, however, I wish to know if I can claim depreciation on the car now and if at one go. The car had cost be 6 lakhs back then.
Thanks.
WDV never becomes zero, you can claim whatever depreciation allowable on the WDV now. This WDV will be worked out as if you had claimed depreciation in earlier years (Remember the amendment to Section 32, where depreciation is compulsory and not optional). No question of claiming back log of depreciation now.
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
View Details
SMJ global advisors pvt ltd
New Delhi
B.Com
View Details
CAclubindia
