For vechile depericiation
This query is : Resolved
mohamed mudassir
(Querist)
10 September 2016
in a partnership firm , one partner purchase a car or vehicle in his personal name and payment of the same is done by himself but that car is used in partnership firm for business purpose, can firm show this car in his accounts and claim depreciation also... pls guide
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12 September 2016
To claim depreciation on the vehicle, the vehicle has to be in the name of partnership firm. However, the firm can claim depreciation if the partner through agreement transfers the vehicle to the firm although the ownership remains with the partner
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