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.
Yes.. u can claim depn on 1.25 L.
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.
Gowra Ventures Pvt Ltd
Hyderabad
CA
View Details
CAclubindia
