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DEPRECIATION ON THE REPOSED VEHICLES
KINDLY LET ME, WHETHER I CAN CLAIM DEPRECIATION FOR THE VEHICLES (CAR), REPOSSED BY THE LENDER, DUE TO NON PAYMENT OF HIS DUES. THE CAR IS USED BY THE ASSESSEE FOR HIS BUSINESS USE, FOR 6 MONTHS DURING THE FINANCIAL YEAR 2005 -06. WHAT TO DO WITH THE DEPRECIATION ALREADY CLAIMED BY THE ASSESSEE DURING THE FIN. YEAR 2004 -05. THE ASSESSE IS A PARTNERSHIP FIRM.
Replies (1)
YES YOU CAN CLAIM THE DEPRECIACTION FOR THE PERIOD UOU USED THE CAR
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