Business income and business exp.
This query is : Resolved
04 August 2011
if business income from partnership remuneration and int. on capital then depreciation exp. allowable as exp. or not for assessee(Individual)
04 August 2011
Depriciation will be allowable to the partnership firm and not to the Partners.
04 August 2011
I am not sure. Take it as an query.... say any partner has used his own Motor car for commuting between office to client & for other official purposes (which can be established with the proper suporting). Depreciation has not been claimed in firm, can it not be claimed by that partner against his Income from B/P (Remuneration & Interest on capital received from firm)?
04 August 2011
If he is using it for the said purpose then you should show the same in the business of firm and claim depriciation there.
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
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR validation error - Balance sheet is not filled
- Article ship defecit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
