Regarding partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2012
Dear expert,
If a partner provides his personal car to execute business of the firm. In this case what option is correct amoung the following-
1. firm is to claim depreciation on car.
2. That partner is take 12% interest on WDV value of the car.
3. That partner is charge fair monthly rent for his car from the firm.
Please advise me.
If a partner provides his personal car to execute business of the firm. In this case what option is correct amoung the following-
1. firm is to claim depreciation on car.
2. That partner is take 12% interest on WDV value of the car.
3. That partner is charge fair monthly rent for his car from the firm.
Please advise me.
08 August 2012
1. Firm can claim depreciationn if it is introduced as capital by partner.
2. interest can't be charged on wdv by partner but on the cost of acquisition of car as per section 43(1) to firm. I.e. purchase price of car if it is introduced as capital n deed provide for such interest
3. And if that partner use this car for personal purpose too then batter to charge rent instead of 1 and 2 above.
2. interest can't be charged on wdv by partner but on the cost of acquisition of car as per section 43(1) to firm. I.e. purchase price of car if it is introduced as capital n deed provide for such interest
3. And if that partner use this car for personal purpose too then batter to charge rent instead of 1 and 2 above.
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