Ridhi Dhoot (Accountant) (25 Points)
23 March 2018Partner has purchased a car and payment is made by firm.Such Car has been shown in books of partner and has been used partly for business purpose and partly for personal purpose.Whether depreciation,interest on loan and insurance can be claimed by partner in his individual return and if yes,then how since these all have been routed through capital account of partner in his personal books of accounts.
RAJA P M
("Do the Right Thing...!!!")
(127483 Points)
Replied 23 March 2018
Ridhi Dhoot
(Accountant)
(25 Points)
Replied 29 March 2018
| Originally posted by : RAJA P M | ||
 |
It will be transferred his Capital Account (Partnership Firm) |  |
Ok then where to claim such depreciation and other expenses under PGBP Head or Expenses against Capital.
MURALIDOSS
(INCOME TAX PRACTITIONER)
(1302 Points)
Replied 29 March 2018
SORRY, MY QUESTION IS,.. IN A PARTNERSHIP FIRM ACCOUNT, ONLY INCOME FOR PLYING CARS U/S.44AB, IF CARS AND LOANS TAKEN BY HIS INDIVIDUAL NAME OF A PARTNER, WHERE TO SHOW THIS CAR INCOME AND MOTOR CARS IN BALANCE SHEET- ..... WHETHER HIS INDIVIDUAL ASSESSMENT / OR FIRM?
CAclubindia
