Depreciation on Personal used Car

Rajasekar

TDS Preparer

1464 Points Posted on 11 August 2019

No you can't claim depreciation for personal used products.

Akshat Varaiya

229 Points Posted on 11 August 2019

One cant claim depreciation on personal assets
Depreciation is allowed to claim only on business assets

Kapadia Pravin

17264 Points Posted on 11 August 2019

Depreciation is on business assets

Giridhar S Karandikar

Team Lead

7558 Points Posted on 11 August 2019

you need to show the car as a business asset in the balance sheet by way of capital introduction, after that you can claim depreciation

subhagan sreerangam

7059 Points Posted on 11 August 2019

good clarification and information

Rohika PS

student

268 Points Posted on 11 August 2019

Depreciation not allowed on personal assets

subhagan sreerangam

7059 Points Posted on 11 August 2019

good clarification and information

S.Gupta c/o KPS

NA

187 Points Posted on 12 August 2019

sir, request your clarification that if depreciation is only for business assets , why the insurance companies deduct depreciation for calculating insurance claim.

Giridhar S Karandikar

Team Lead

7558 Points Posted on 12 August 2019

the depreciation for business and the one that insurance Co deduct are two different things. it does not matter that the car is being used for business purposes or for personal use.
basically insurance Co deduct dep to arrive at the declared value on which premium is charged. if they charge premium on actual cost that doesn't make any sense.