Depreciation
This query is : Resolved
CA Jitesh Gondaliya
(Querist)
18 December 2013
Depreciation on car of Partner Whether deductible to firm, if it use in firm.
Manish Bhandari
(Expert)
18 December 2013
If the car is shown as assets in the firm books then you can. If not then bring the car by JV in the books of the firm as capital of partner.
But then the asset will be tread as asset of the firm.
If it cannot be brought then you cannot claim depreciation as asset should be owned by the assessee(firm) to claim the depreciation.
But then the asset will be tread as asset of the firm.
If it cannot be brought then you cannot claim depreciation as asset should be owned by the assessee(firm) to claim the depreciation.
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Ganeshbabu K
(Expert)
18 December 2013
other wise you can charge rent to firm
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