Depreciation


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Querist : Anonymous

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Querist : Anonymous (Querist)
03 December 2016 Dear experts,
A Machinery has been gifted by father to his son, whether son can claim depreciation on machinery even the RC is not on his name (SON)

05 December 2016 Firstly, u can't claim depreciation in individual's name. If the asset is in name of business, whether proprietary, partnership, company etc. then only u can claim depn. on that asset. And the answer for ur query is, that the son can claim the ownership of the asset being legal heir of his father, and in case of gift the ownership gets transferred automatically. Better to make a gift deed, for legal purpose.

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 December 2016 It means after making of gift deed son can claim depreciation even RC is in the name of father I am correct ?
Please reply asoon as possible.


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