LATE RECORD OF ASSET

Yes. But depreciation benefit will be available only when asset is purchased and recorded in books. For remaining life of asset. 

Eg if you record  assest in 2nd year for 5 year life of asset, you will get benefit of claiming depreciation for 4 years only and not for 5 years

Yes. But depreciation benefit will be available only when asset is purchased and recorded in books. For remaining life of asset. 

Eg if you record  assest in 2nd year for 5 year life of asset, you will get benefit of claiming depreciation for 4 years only and not for 5 years