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Depreciation

sanjay (owmer) (47 Points)

20 September 2014

Please reply soon... (1)my wife have a income from other sources mostly interest income on bank FD if I buy a car in her name can she get depreciation benefits in her return.... (2)if I show sewing and beauty parlour income from this f.y. then will she fall in business category (3) we just have a home loan in joint name then who will get interest benefits both ? Or any one ? If both then in which ratio ?

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3 Replies

Aditi Dosi (CA Final Student) (105 Points)
Replied 20 September 2014

1)no she cant get. 2)yes if parlor business is on her name then she can take dep on car 3) proportionately, equally

Nikhil Kaushik (Fellow CA) (84944 Points)
Replied 20 September 2014

aditi - it is not necessary that is has to be equally. it depends on who makes the payment...

sanjay (owmer) (47 Points)
Replied 22 September 2014

Thank you for answer............we make down payment by both accounts but monthly repayment will be by my wife's' acoount then in which ratio it will account? Please answer..