Can We Claim Car Depreciation Under Income Taxes?


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Hi Team,

I have recently heard that if we own a car we can claim Car Depreciation under some section in Income Tax. I googled it but was not able to get the exact details if it is possible to claim. If so can anyone let me know the process to calculate the depreciation of the vehicle and under which section in Income Tax can we claim it for Tax rebate.

Moderators please merge this thread if there is an existing thread. I was not able to find any.

Thanks in advance for your valuable feedback.
 
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Re: Can we claim Car Depriation under Income Taxes

Hi radhesh_p,
You can claim depreciation only if your are getting wages as professional taxes.If you are salaried no option.Hope this helps.
Regards,
Aneesh.
 
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Re: Can we claim Car Depriation under Income Taxes

If you own a business or you are self employed or your company owns the car (in case you are salaried) depreciation benefits can be availed on taxes.
 
Thread Starter #4
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Hi Team,
Thanks for your reply. In my case both me and my wife are salaried and work in private firms. Professional Tax is deducted from both our salaries. There is one vehicle which is owned my me and the second one is owned by my wife which is at her native in Kerala.
So can both of us claim depreciation benefits for both the vehicles under income tax? If yes then how to calculate the depreciation value of the vehicle and under which section in Income Tax Return do we file the depreciation?
 
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Hi Team,
Thanks for your reply. In my case both me and my wife are salaried and work in private firms. Professional Tax is deducted from both our salaries. There is one vehicle which is owned my me and the second one is owned by my wife which is at her native in Kerala.
So can both of us claim depreciation benefits for both the vehicles under income tax? If yes then how to calculate the depreciation value of the vehicle and under which section in Income Tax Return do we file the depreciation?
Hi radhesh_p,
If you are getting wages as salary you can't claim any depreciation benefits.Only if you are getting wages as professional charges you can avail of depreciation benefits.
Regards,
Aneesh.
 

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