Depreciation

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propreitor
41 Points Posted on 20 May 2019

Hello,

My client has purchased a Tempo for transporting goods for his business.  I have already availed ITC on the same purchase.  Can I also take Depreciation on the purchase price(minus tax component) ? For eg. My client paid 160000 (125000 price of the tempo and 35000 gst amount).  Can I claim depreciation on 125000 after claiming 35000 as ITC.

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On 20 May 2019 at 15:11 Report
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CA - www.cachhalani.com
93 Points Posted on 20 May 2019

Yes.. u can claim depn on 1.25 L.

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On 20 May 2019 at 15:14
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Student
7666 Points Posted on 20 May 2019
Yes you can claim Depreciation on Rs.1,25,000 @ 15% on tempo u/s 32 of the Income Tax Act 1961.
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On 20 May 2019 at 18:44
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"Do the Right Thing...!!!"
77833 Points Posted on 20 May 2019
Yes... You (client) can claim depreciation for the Basic value like as 125000...
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On 20 May 2019 at 21:30
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CA Final student
4750 Points Posted on 21 May 2019
Yez you can claim deprecation
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On 21 May 2019 at 00:10
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propreitor
41 Points Posted on 21 May 2019

Thanks.  But i am confused regarding percentage now.  Is it 40% or 15% ? . I believe 15% is for OTHER THAN THOSE USED IN BUSINESS.  and mine is used in business.  Can it not termed as Commercial vehicle on which depreciation is 40%.

Please advice.

 

 

 

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On 21 May 2019 at 11:29
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36 Points Posted on 21 May 2019
firstly, as per sec 17 of gst itc on vehicle purchased other then a service providers is disallowed. So entire 160000 will be capitalised and depreciation will be claimed on entire 160000.
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On 21 May 2019 at 14:49
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Advocate
34 Points Posted on 21 May 2019
My client is service provider . He is into business of buying and selling of paper bags and other items and uses tempto to transport those goods from his shop to clients shop. Tempo is fully used for business purpose... So why cant we claim ITC ?
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On 21 May 2019 at 17:15

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