Depreciation in Personal Balance Sheet
This query is : Resolved
17 August 2024
Sir,
Is there any point in Depreciating Assets like Air Conditioner, Washing Machines etc. whilst preparing the Balance Sheet of an Individual who has now income from interest/dividend on FD, mutual funds etc?
Is there any point in Depreciating Assets like Air Conditioner, Washing Machines etc. whilst preparing the Balance Sheet of an Individual who has now income from interest/dividend on FD, mutual funds etc?
17 August 2024
No. Depreciation is not allowed on personal assets and also in such interest/dividend income.
17 August 2024
Thank You Sir!
Yes no deduction is allowed and there is no point in depreciating assets.
Thanks for your kind advice!
Yes no deduction is allowed and there is no point in depreciating assets.
Thanks for your kind advice!
17 August 2024
26 August 2024
You are welcome.
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