Hi everyone...
Whether Depreciation can be claimed for second hand car under sec.32 of IT Act?????...
leeladhar
(apprentice)
(261 Points)
Replied 30 January 2012
yes, If it is used for Business. It is grouped under plant and machinery and the tax rate is 15%.
Devendra
(Chartered Accountant)
(4775 Points)
Replied 30 January 2012
Only if the car is used for Business purpose, then only Depreciation can be claimed on it @ 15%.
Regards,
Devendra Kulkarni
R.Chitra Lekha
(B.com , CA (Ipcc) )
(115 Points)
Replied 30 January 2012
for business purpose dep can b claimed............ it can b claimed at d rate of 15%
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 31 January 2012
Agree with above....
car must use for business purpose...
rate is 15%
Roshan A
(Chartered Accountant)
(458 Points)
Replied 31 January 2012
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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