Depreciation in Personal Balance Sheet

This query is : Resolved 
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This discussion clarifies whether individuals can claim depreciation on personal assets such as air conditioners and washing machines when preparing their balance sheet, especially if their income is solely from interest or dividends. The consensus is that depreciation is not permitted for personal assets in this context, and therefore, there is no practical benefit to accounting for it.

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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

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Dhirajlal Rambhia (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

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Dhirajlal Rambhia (Expert)
17 August 2024
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Dhirajlal Rambhia

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