Allowable depreciation,interest exp.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2010
Can an individual who is having income from Partnership firm (Remuneration,Interest,Profits).Can he claim deprecition on Motorcar,interest on loan taken for Motor car,Petrol exp. from above income?
18 September 2010
The status of the two is different.
Partnership firm carry on business.
Individual is a partner in the said firm.
One can't adjusted the vehicle related exp. from interest,profit, salary from firm.
The right way is to charge exp. in the firm.
Regards
P
Partnership firm carry on business.
Individual is a partner in the said firm.
One can't adjusted the vehicle related exp. from interest,profit, salary from firm.
The right way is to charge exp. in the firm.
Regards
P
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
