car of partner is used in partnership firm for business purpose depreciation is claimed in partnership firm whether dep. allowable or it it will disallow in the name of any thing which is paid to partner pls tell about above topic
Menu
Partnership
Replies (2)
Though the beneficial owner is the Partnership Firm so it will be allowable u/s 32 cause it used for "OFFICIAL" purpose.
Although it is mentioned u/s32 that Depreciaition is allowed to the Owner but it is interesting to learn that Ownership also includes "Beneficial Owner"
A suggestion would be to bring the car of the partner to the books of the firm and claim deprecitaion. (Here, car being a pesonal efffect, Sec.45(3) would not apply).
If at all there invloves any personal use of the same car, you may disallow a notional % of depreciation computed as well as the fuel expexnse & related repairs.
Recent Topic
- GST on Post-OC Installments – Payment Milest
- Sec-54F exemption and Carry forward losses
- FEMA treatment — USD gift from LRS-funded fo
- RSU and Schedule FA related
- ELIGIBILITY FOR COMPOSITION SCHEME
- Doubt regarding the purpose of Section 52(3) of Co
- 112 A Filling
- Long Term Capital Loss in ITR2
- LOAN INTEREST BENEFIT ON NEW TAX REGIME
- Retirement funds under new tax regime
Related Topics
CAclubindia
