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Depreciation

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(Querist)
20 November 2008 One person engaged in business and he purchased a Vehicle in the name of his son(who is major).The vehicle is specifically used for business.Can he claimed depreciation?
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Zeeshan

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Zeeshan (Expert)
20 November 2008 No. ownership of the assets is the main criteria u/s 32 to claim the depreciation.
however expenditure incurred on that vehicle for maintenance of the same can be claimed as deduction u/s 37(1) if the vehicle is used for the purpose of Business.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
21 November 2008 No
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