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Depreciation for non business use assets
Depreciation is not allowed on personal assets. depreciation is only allowed for assets used in business. If you are a salaried person, You can't claim depreciation.
There is no question of balance sheet for salary category if the GTI is below 50laks .
Continue doing that if you want to have a more realistic picture of your financial position. But you shouldn't claim depreciation in your expense calculation (ie no reducing your tax).
What if I have shown some presumptive income from business and the vehicle is used for the business? Can then depreciation be claimed?
Presumptive income itself deemed deduction of all deductions..So you may just give the figures in Balance sheet and you can't claim further depreciation
| Originally posted by : Aniket Kumar | ||
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What if I have shown some presumptive income from business and the vehicle is used for the business? Can then depreciation be claimed? |  |
No. Presumptive effectively follows the same logic. You depreciate the asset, but you cannot add the expense to claim further reduction in tax.
I am already not adding it to expense, I am debiting depreciation to capital account. Is that also not allowed?
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