Car depreciation

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Romil Patel (Querist)
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02 January 2013 (1) i have a 3 cars and i am the partner of firm.Can i claim depreciation for all 3 cars?

(2)how much income i earned from firm to claim depreciation? Is there any provision for that? Please tell me.
for Ex. : my income from firm is Rs. 10000.
can i clai for depreciation for Rs. 40000

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 January 2013 ROMIL, YOU CAN USE ONE CAR IN FIRM. FOR THAT INTRODUCE THAT CAR IN FIRM'S BOOKS.
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ROMIL BHAI ....JUST FOR ROAMING ONLY AND TO MEET OTHERS DEPRECIATION IS NOT ALLOWED. IT CAN BE CLAIMED ONLY WHEN THE ASSET HAS BEEN ACTUALLY USED FOR THE PURPOSE OF THE BUSINESS.
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