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Depriciation for car used in business

This query is : Resolved 
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(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...
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
11 December 2010 Since the car is not appearing in the balancesheet of manfacturing company , he cannot claim the depreciation.
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CA Dhiraj Ramchandani

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CA Dhiraj Ramchandani (Expert)
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...
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Rahul Seksaria

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Rahul Seksaria (Querist)
13 December 2010 can you provide section or case law which can justify such claim..
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