Depreciation
This query is : Resolved
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.
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.
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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