Is depreciation charged on personal assets
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Depreciation
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Why should u charge?
Any expenditure of personal nature are disallowed u/s 37(1) of IT Act.
The answer is No.
Why? Because Income Tax Act, 1961 has mentioned depreciation in the middle of sections that deal with Profits & Gains of Business & Profession, making it pretty clear that depreciation is allowed as a business expenditure only.
No.
DEPERICIATION cannot be claimed on personal assets.
Only Assets used for Business purpose is eligible for Depreciation.
Whether they have ownership or not?
Assets only which are used in the name of our business can eligible to take depreciation.
Asset must purchased only in the name of our business can be eligible for depreciation
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