Depreciation on motor car

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joshy k.g. (Querist)
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15 October 2008 sir
i am a practicing CA and i am getting remuneration from my firm as allowed under section 40(b)
on preparation my personal in come tax returns shall i deduct deprecition on motor car used for my professional purposes

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Guest (Expert)

15 October 2008 As per income tax act only that Expenses can be allowed which is used for wholly or partly for business purpose so If u r using car which is used wholly for private purpose can not be allowed in business income.

And if u r filling your personal tax return than it can not also be deducted. because there is no any deduction for car depreciation or rebate

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