Interest on loan and depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 November 2015
Hello sir,
Car purchased in the name of partner on loan but firm is making payment of the installments. Can firm claim interest expense and depreciation in its books????
Car purchased in the name of partner on loan but firm is making payment of the installments. Can firm claim interest expense and depreciation in its books????
07 November 2015
Legally NO.
In practice, however many a people claim that with a specific clause inserted in the partnership deed.
In practice, however many a people claim that with a specific clause inserted in the partnership deed.
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