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Innova-four Wheeler fixed assets

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Naveen Kumar

629 Points Posted on 23 May 2021

Dear Sir

We have a proprietorship purchased Innova-four Wheeler Invoice value 1980000/- and date 19 Feb 2021. So can I Claim deprecation. if Yes how much % and how many Days.

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Quick Summary

This discussion clarifies the eligibility for claiming depreciation on a proprietorship-purchased Innova four-wheeler. For income tax purposes, if the vehicle was used for less than 180 days in the financial year, the depreciation rate is 50% of the standard rate. For a standard rate of 15%, this results in a claimable depreciation of 7.5%.