What is tax depreciation rate?

What is the depreciation rate for taurus vehicle on hire U/s 32 of income tax Act 1961?

• Answer:

  In order to claim depriciation under section 32 of the Income Tax Act 1961 one should fullfill following conditions 1- Assets should be in the name of assessee 2- Assets must be used in the business Since you are not fullfilling 1st condition (As you have obtained vehicle on hire) you can not claim depriciation. Further in case you have obtained the vehicle on Hire Purchase system basis you can claim depriciation which is at present 15% if following conditions are satisfied 1 The hire purchase agreement must show that as long as hirer discharges his obligation, he has an uniterrupted right over the assets for all practical purposes and 2- The Seller will eventually lose all reight, tittle and interest in vehcile if the hirer discharge his obligation (Payments of all installments)