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Depreciation on Personal used Car

MEENA VIVEK (247 Points)

11 August 2019

I have Owned a Car for personal use and may I claim depreciation for that then which rate for that.Kindly Clarify.

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10 Replies

raja sekar (1435 Points)
Replied 11 August 2019

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

Akshat Varaiya (229 Points)
Replied 11 August 2019

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

Kapadia Pravin (17249 Points)
Replied 11 August 2019

Depreciation is on business assets

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 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 (7039 Points)
Replied 11 August 2019

good clarification and information

Rohika PS (student) (263 Points)
Replied 11 August 2019

Depreciation not allowed on personal assets

subhagan sreerangam (7039 Points)
Replied 11 August 2019

good clarification and information

S.Gupta c/o KPS (NA) (187 Points)
Replied 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) (7543 Points)
Replied 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.