depreciation
This query is : Resolved
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
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
20 March 2009
No, depreciation is not allowed as Company is not the owner of vehicle.
Asset should be owned by the assessee.
Asset should be owned by the assessee.
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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