Depreciation
This query is : Resolved
Nitin Singhal
(Querist)
13 June 2009
If a partner own a car in its own(personal) name. can he claim depreciation on that car in his firm?
CA Anisha Ray
(Expert)
13 June 2009
If the car is used for Business purposes and this can be proved, Depreciation can be claimed.
13 June 2009
yes
13 June 2009
Depreciation can be claimed by firm.
Citation:-Mohamed Bux Shokat Ali 256 ITR 355(Raj).
Citation:-Mohamed Bux Shokat Ali 256 ITR 355(Raj).
CA Nitin Wadhwani
(Expert)
14 June 2009
Provided the amount for purchase of car has been paid by the firm.
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