Dear Sir,
kindly clarify the depreciation of second hand vehicle purchased by us whose useful life is ended. What is the cost price and useful life to be considered for the current year as per company act 2013.
Thanks and regards
Lingam
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Depreciation of used/second hand vehicles
Replies (1)
The useful life of the vehicle will depend on factors such as its age, condition, and expected future usage. If the useful life of the vehicle has already ended, the company may not be able to claim any depreciation on the vehicle. In such a case, the company may need to fully write off the cost of the vehicle in the year of acquisition as an expense.
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