Depriciation for car used in business
This query is : Resolved
Rahul Seksaria
(Querist)
11 December 2010
If a person buys a vehicle on loan in personel account i.e. the car and loan are taken in his personel competancy then can he claim depriciation expence in one of his manufacturing company...
11 December 2010
Since the car is not appearing in the balancesheet of manfacturing company , he cannot claim the depreciation.
11 December 2010
Agreed with Mr. Sailesh... But as car, if it is, used for business purpose too, then to the proportion of usage of car, cost of car need to be entered in the books of accounts and then depreciation on such amount can be claimed...
Rahul Seksaria
(Querist)
13 December 2010
can you provide section or case law which can justify such claim..
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