Depreciation on Motor Car owned by me.

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Dave (Querist)
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15 December 2009 Hi Experts

I want to know whether I can claim depreciation on Motor car owned by me but which is used solely for my business purpose.
I am running a proprietary firm.The RTO registration of the car is in my name and not in the firm's name.

Please help

Thanks in advance.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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15 December 2009 You can Claim Depriciation on your own Car which is use for your Business Purpose.
In Proprietorship concern there is no different between name of firm & Proprietor,you have to show your Car in your Firm Balance sheet & Claim the dep. in P&L A/c.

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