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depreciation

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(Querist)
20 March 2009 Dear All,
Pl clarify whether depreciation on vehicle in the name of Director of the company is allowable as deduction u/s 32, if the vehicle is used for both personal and business purpose.
Anand
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
20 March 2009 No, depreciation is not allowed as Company is not the owner of vehicle.

Asset should be owned by the assessee.
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
20 March 2009 REGISTRATION OF VEHICLE IN THE NAME OF THE COMPANY IS MUST FOR CLAIMING DEPRECIATION. HENCE NO DEPRECIATION CAN BE CLAIMED BY THE COMPANY.
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