Depreciation
This query is : Resolved
03 April 2016
Hello,
I want to know that if i purchased car in name of my uncle and i used that car in my business then can i claim depreciation? I also pay installment of loan to my uncle and installment amount is deducted directly from my uncle's bank account. Can i claim all exps of car in my business as all are born and paid my me.
Please suggest me on this matter.
Do the needful.
Thanks & Regards,
Parth Shah
I want to know that if i purchased car in name of my uncle and i used that car in my business then can i claim depreciation? I also pay installment of loan to my uncle and installment amount is deducted directly from my uncle's bank account. Can i claim all exps of car in my business as all are born and paid my me.
Please suggest me on this matter.
Do the needful.
Thanks & Regards,
Parth Shah
03 April 2016
You can not claim depreciation, since the ownership of Asset not belongs to you, regarding usage of vehicle i.e. vehicle maintenance can be claimed to the proportionately if you use for business .
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