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Shalini Agarwal (CEO)     20 September 2011

Car depreciation ?

Hi,

 

I have a new car purchased in April, 2011  - now I want to sell this car and buy a new better one. I am currently in 30% tax bracket, Pls. tell how depriciation could be availed for maximum tax benefits with negiligible loss while selling the existing car.

 

Thanks

 



 13 Replies

Mihir

Mihir (Wealth Manager)     20 September 2011

Depreciation cannot be availed if the car is for personal use.

CA ADITYA SHARMA

CA ADITYA SHARMA (CA IN PRACTICE )     20 September 2011

Originally posted by : Mihir

Depreciation cannot be availed if the car is for personal use.
ashish gupta

ashish gupta ( student)     20 September 2011

Mihir is right, no depreciation available on car used for personal purpose.

valji

valji (Accounts manager-MBA)     20 September 2011

agreeee with mihir

Ravindra kumar

Ravindra kumar (student)     20 September 2011

"Agree with to all above"

Shalini Agarwal

Shalini Agarwal (CEO)     20 September 2011

I am using the car for business purpose as I am a professional and car is being used for doing business.

CA.CMA.Prasanna Ganapathy.R

CA.CMA.Prasanna Ganapathy.R (ACA,Grad.CWA)     20 September 2011

if you are carrying on any business then only you can claim depreciation proportionately. by claiming it has been used for business.. otherwise you can't claim....  

1 Like

(Guest)

Shaliniji

I hope u have only one car in the business.

Purchase price of the old car                    10 L

Less : sale price of the old car                 ( 8 L)

Add : purchase price of the new car         15 L

Closing WDV                                                17 L

Less : Depreciation on 17 L @ 15%         

Opening WDV

Note : The above calculation is applicable if you purchase new car before 31st march. 

thanks

https://taxbykk.blogspot.com/

Shalini Agarwal

Shalini Agarwal (CEO)     20 September 2011

Originally posted by : kaushal (taxbykk)

Shaliniji

I hope u have only one car in the business.

Purchase price of the old car                    10 L

Less : sale price of the old car                 ( 8 L)

Add : purchase price of the new car         15 L

Closing WDV                                                17 L

Less : Depreciation on 17 L @ 15%         

Opening WDV

Note : The above calculation is applicable if you purchase new car before 31st march. 

thanks

https://taxbykk.blogspot.com/

Thanks for having my query answered :)

nupur

nupur (employee)     21 September 2011

Deprecation can be availed only when car is not used for personal purpose

ranganatha rs

ranganatha rs (account executive)     01 December 2011

Hi Sir I Have a hundai I20 Car what is percentage of Depreciation ? it is fully professional use

please let me know your feed back

 


(Guest)

As per income tax act 15% any brand car

ranganatha rs

ranganatha rs (account executive)     02 December 2011

Thank you so much for your right information sir.

 


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