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Depreciation on Personal used Car
I have Owned a Car for personal use and may I claim depreciation for that then which rate for that.Kindly Clarify.
Replies (10)
No you can't claim depreciation for personal used products.
One cant claim depreciation on personal assets
Depreciation is allowed to claim only on business assets
Depreciation is allowed to claim only on business assets
Depreciation is on business assets
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
good clarification and information
Depreciation not allowed on personal assets
good clarification and information
sir,
request your clarification that if depreciation is only for business assets , why the insurance companies deduct depreciation for calculating insurance claim.
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.
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.
Sir, for tax purposes depreciation is to be calculated on business assets
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