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depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 September 2010 A car is owned a partner and he is earned income from his firm only.Car is valued at fixed assets in his firm.
Can avail depreciation for car in firm and expenses also?.
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Ankit Garg

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Ankit Garg (Expert)
24 September 2010 If car is the asset in the name of firm, the assessee can claim depreciation and running & maintenance expenses in the firm
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