Depn benefit in the hands of partner for owning a vehicle

Hi all,

My clients are getting Remuneration & interest & pofit from the partnersip firm.They also earn other income in the form consultancy fees.They have recently purchased a vehicle for personal use.My query is " Is depn on the vehicle is allowed to be deducted while calculating the net taxable income ffrom remuneration ,Interest and consultancy fees as profit is fully exempt....

Replies (3)

i think in the hands of partner it will not be allowed...wait for experts..

used for personal use- hence no depreciation allowed                      

First remuneration and interest from the firm is taxable. S 28

Profit from firm is exempt from tax u/s 10(2A)

Consultancy fees is taxable under the head business. S 28.

Now depreciation on car.

Car if also used for business purpose, then proportion depreciation and expenses can be claimed as deduction from business income. S 38(2)

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details