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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- Itr processing refund
- Multiple payment of self assessment tax for A Y 2025-2026
- Rent claimed on building given on permissive possession basis
- ITR 44AD SECTION
- Gst reverse charge mechanism to be claimed in the month of payment
- Residential status of non resident
- TDS refund Indemnity Bond
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
