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Depreciation

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(Querist)
09 July 2009 Suppose A purchases car in his name and takes loan for it in the names of A and B. Whether both can claim depreciation & interest on loan ? If yes, in which proportion ? please reply with section or any judgement etc.
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Ratan Sharma

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Ratan Sharma (Expert)
09 July 2009 Whether A & B are using the car for business purpose. If yes then both can avail the depreciation & interest @ 50% of allowable rates.
It is better to make an written agreement amongst A & B regarding this transaction. It is also necessary to pass proper accounting entries in the books of account in relation to value of the car, its apportionment, repayment of loan etc.
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