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Depreciation

Others 356 views 6 replies
Respected members
I would to know can I claim Dep for fixed assets in personal ITR whose income arise from salary along with PGBP
and other sources

thanks in advanced
Replies (6)
u calim depreciation only in PGBP (ITR 3)
ok thank you
that means if I filed ITR 4 then I cannot claim if @ ManishRawat sir
if u have sole proprietorship business then personal itr and business itr is same. u can claim depreciation for asset used in the business only.
yes, you cannot claim depreciation in itr4, as in itr4 all expenses are already to deemed to have been allowed

1. ITR -4 is only for those assessees who are showing profit u/s 44AD, 44ADA and sec 44AE (Presumptive taxation scheme) 
2. If you wanted to claim depreciation ITR-3 can be utilized and full PL and BS should be filled up. 
3. Since you have income from PGBP, there should be a PL and BS along with that. In that Depreciation on FA can be claimed as per IT act and file the same. It is important to note here is, that once PL and BS is filled for one year, it would be wise to do the same for subsequent years (unless showing profit under presumptive taxation) 
Please correct me if the above solution has an alternative view. 

good clarification and information


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