banner_ad

depreciation

This query is : Resolved 
Profile Image

Profile Image

(Querist)
13 June 2009 A is the partner of ABC & CO. He introduce capital in the form of stock transfer and immvable property. but title chain is continue in the name of A only i.e. not transfer at sub registrar office of concern state. Can partnership firm benefit of depreciation merely use of such property for business purpose and accounting of partnership firm.
Profile Image

CA Nitin Wadhwani

Profile Image

CA Nitin Wadhwani (Expert)
14 June 2009 In my opinion, the AO has a right to disallow the depreciation and other expenses u/s 30 since this is attempt to avoid stamp duty.
But if capital gains tax and stamp duty is paid by the partner, only registration is pending, then there is no reason for disallowance.
Profile Image

MANISH MITTAL

Profile Image

MANISH MITTAL (Querist)
18 June 2009 Thanks Nitin Ji
After your contion we read some case law settle by high court which capital contribution is a transaction only therefore no require to register such documents at sub-registrar office. further rajasthan hight court allow depreciaton on such property.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
ARTICLESHIP 02 May 2026
Accounts and Audit Assistant

Kothawade and Laddha

Thane

B.Com

View Details
Company
ARTICLESHIP 05 May 2026
ARTICLED ASSISTANT

JS ADVISORS

New Delhi

CA Inter

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details