sir , i have a query regarding deperciation on commercial vehicle purchased on june 2013, for business purpose ( rice trading ) its a patnership firm owned by family members as patners, commercial vehicle is purchased on loan , EMI is paying from business funds but vehicle is taken on managing patner individual account name ....., is depreciation applicable or not and at what rate?
and another commercial vehicle is purchased on april 2014 on patner name for business purpose ( rice trading) on loan , EMI is paying from business funds ... is depreciation applicable ..? and at what rate depreciation is chargeable ?
please give me yours answers
CAclubindia
