Depreciation for individual
This query is : Resolved
14 March 2013
Dear all,
My query is Mr. A's Fixed Asset is Car & his Flat & he is partner in a Firm (all partner are family member) & he use his car for firm but car booked in his Personal a/c not shown in firm. please suggest can he claim depreciation on his car in personal a/c? & also suggest about depreciation on his flat.
Thanks in Advance.
My query is Mr. A's Fixed Asset is Car & his Flat & he is partner in a Firm (all partner are family member) & he use his car for firm but car booked in his Personal a/c not shown in firm. please suggest can he claim depreciation on his car in personal a/c? & also suggest about depreciation on his flat.
Thanks in Advance.
15 March 2013
Firm can not claim depreciation,
However Mr.A can claim depreciation in his account, to the extent of remuneration and interest subject to Section 14A of IT Act.
However Mr.A can claim depreciation in his account, to the extent of remuneration and interest subject to Section 14A of IT Act.
17 March 2013
thanks sir.
but he not receive any remuneration or interest from firm, only he got profit share in firm, which is not taxable in his individual return. his source of income is rent receive from his many flats. so please suggest can he reduce his income by depreciation or not?
but he not receive any remuneration or interest from firm, only he got profit share in firm, which is not taxable in his individual return. his source of income is rent receive from his many flats. so please suggest can he reduce his income by depreciation or not?
18 March 2013
He can not reduce the depreciation from his income since share of profit is exempt from tax. (expenses incurred for exempted income will not be allowed).
17 July 2013
Yes he can claim the depreciation and all expenses in the firm by way of an agreement with the firm. In the agreement it has to be mentioned that the Car No...... registered in the name is to be used for business purpose and all expenses of the car is to be born by the company and the car is to be transferred in the name of the company by crediting the capital account of the partner and debiting car a/c otherwise not
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- Annual return in Gst
- Value of property in capital gain
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
