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Depreciation in Personal Balance Sheet

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(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?
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
17 August 2024 No. Depreciation is not allowed on personal assets and also in such interest/dividend income.
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RAJEEV KUMAR MEHTA

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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!
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
17 August 2024
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
26 August 2024 You are welcome.
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