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Interest on loan and depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 November 2015 Hello sir,

Car purchased in the name of partner on loan but firm is making payment of the installments. Can firm claim interest expense and depreciation in its books????
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Amol S Joglekar

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Amol S Joglekar (Expert)
07 November 2015 Legally NO.
In practice, however many a people claim that with a specific clause inserted in the partnership deed.

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