U/s 32

Querist : Anonymous (Querist) 18 August 2010 This query is : Resolved
Gd After Noon 2 all..My query is my client doctor & purchase new car hire purchase basis from bank dated 30-09-09 (as per bill),delivered on 13-10-2009 as per form 21 certicate issue by seller.
Q.can i claim depreciation @ 50%..

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B.R. BHALLA, ADVOCATE (Expert) 19 August 2010
Under the Hire Purchase Scheme, your client is not the owner of the Car until he pays all the instalments and then opts to buy the Car at the mutually agreed price. Depreciation is allowable only to be owner of the Asset.

soumitra basu (Expert) 22 August 2010
This is a debatable question whether Depreciation is available on Car purchase under Hire Purchase System. However, you can claim deduction of the entire payment made to the Hire Financier during the year as Hire Charges.

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