Innova-four Wheeler Purchased

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629 Points Posted on 20 February 2021
Sir,

Kindly advise suppose a person purchased Innova-four Wheeler on 16 Feb 21. He has paid Rs. Eighteen Lac's via RTGS Can he pay balance payment Rs.170000 via cash and can he is eligible to Claim deprecation from 1 October 20 to March 2021.
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On 20 February 2021 at 19:51 Report
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This discussion explores the tax implications of purchasing an Innova for business use. It specifically addresses whether the remaining balance of Rs. 170,000 can be paid in cash after an initial RTGS payment. The core question is about eligibility to claim depreciation for the financial year 2020-21, considering the purchase date and usage duration.

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81 Points Posted on 20 February 2021
Personal purchased not claim depreciation but business purposes can claim depreciation 45 percentage financial year 2020-21 we used less then 180 days 50 percentages depreciation claimed fy claim next fy claimed balanced depreciation
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On 20 February 2021 at 20:37
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Chartered Accountant
24588 Points Posted on 21 February 2021
Agree with balaji
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On 21 February 2021 at 06:33
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629 Points Posted on 21 February 2021
Sir, Can we pay balance payment via Cash We have purchased Innova for business purposes
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On 21 February 2021 at 08:08

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