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Hi everyone...
Whether Depreciation can be claimed for second hand car under sec.32 of IT Act?????...
yes, If it is used for Business. It is grouped under plant and machinery and the tax rate is 15%.
Only if the car is used for Business purpose, then only Depreciation can be claimed on it @ 15%.
Regards,
Devendra Kulkarni
for business purpose dep can b claimed............ it can b claimed at d rate of 15%
Agree with above....
car must use for business purpose...
rate is 15%
Normal Depreciation u/s 32 can be claimed but not ADDITIONAL DEPRECIATION which is allowable in the first year of purchase of NEW Plant & Machinery.
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