Dear Sir,
I bought a new car for business as well as personal perpose with bank finance . Can I saw this car in Balance sheet and can I claim depreciation.
pl.suggest
thanks
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bought a new car
Replies (3)
You can show but to the extent %age use towards personal use will be disallowed from expenditure viz. Interest on car loan, Depreciation, Maintenance cost etc
Agree with Kapadia Pravin Sir's explanation...
Personal Expenditure cannot be allowed as deduction under Income Tax Act 1961
Personal Expenditure cannot be allowed as deduction under Income Tax Act 1961
practically speaking car which is purchased for business purposes is also used for personal purpose as well. so as per usual practice, entire depreciation can be shown for business purposes. however if at all your case comes up for scrutiny you can substantiate by showing that how car is being used for business purposes by producing adequate documents for expenses incurred
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