Depreciation in Personal Balance Sheet
This query is : Resolved
Quick Summary
RAJEEV KUMAR MEHTA
(Querist)
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?
Dhirajlal Rambhia
(Expert)
17 August 2024
No. Depreciation is not allowed on personal assets and also in such interest/dividend income.
RAJEEV KUMAR MEHTA
(Querist)
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!
Dhirajlal Rambhia
(Expert)
17 August 2024
Dhirajlal Rambhia
(Expert)
26 August 2024
You are welcome.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- MSME disclosure and disallowance
- Issuing of delivery challan by seller of goods
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
