Claiming depreciation
This query is : Resolved
29 January 2013
Mr.x is running a partnership firm he has bought a car in his name and can he claim depreciation in the firm name for the car. Mr.x is one of the partner in that firm pls let me know whether the partner can claim depreciation for the car in the firm Balancesheet which was purchased on his name if there any section pls mention that also
CA PARAS BAFNA
(Expert)
29 January 2013
If the Car is being shown in the Books of the firm as an asset,Car may be purchased in partner's name, firm can claim depreciation
on the car.
.
on the car.
.
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