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Depreciation

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Fahim (Querist)
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25 November 2013 Dear Sir,

I am a Sole Proprietor and gifted a car to my son. can i claim depreciation in my accounts (Balance sheet)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 November 2013 if the car is in your name then you can claim depreciation.

Fahim (Querist)
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26 November 2013 Sir, If the car is in my son name and payment done me than?

Fahim (Querist)
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26 November 2013 Sir, If the car is in my son name and payment done by me than?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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26 November 2013 Then you can not claim depreciation.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 November 2013 only the legal and beneficial owner can claim dep.

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