Depreciation for individual return

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2014 Sir,
I am partner in two diff firms.
and some interest income.

and I have my car.

can i deduct my car depreciation in my personal INCOME TAX FILLING.

pls give a suggestion.

Nischit Sanghavi

Nischit Sanghavi (Expert)

19 February 2014 You can show income and expense but cannot claim depreciation on car used for personal purpose. Effect of Depr. will be shown in your Balance Sheet only.

kamlesh

kamlesh (Expert)

19 February 2014 perfect i agree....................................................

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2014 actually ,

car used for business and i missed to deduct depreciation in my firm return. Thats why i want to show in my it return if possible.

Nischit Sanghavi

Nischit Sanghavi (Expert)

19 February 2014 Car used for business purpose then it is proportionately (when used for Personal and business purpose both)allowed. You are required to show in your Personal Return only and not in Firm Return.

CA Galib Mirza

CA Galib Mirza (Expert)

19 February 2014 Dear Sir
For the purpose of earning remuneration from firm, you have already debited to the P & L Account of firm, now you can not claim any other expense against the remuneration income.

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2014 sir..which section..?

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2014 My ca says : i can claim.

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