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Claiming deduction on asset

24 September 2021

A and B are owners of asset having equal share . B is not using that asset and A is only using that.
Can A claim full depreciation or only 50%?

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3303 Points)
Replied 24 September 2021

You can claim 100 % depreciation. The monetary value of an asset decreases over time due to use, wear and tear or obsolescence. This decrease is measured as depreciation. Machinery, equipment, currency are some examples of assets that are likely to depreciate over a specific period of time.