Regarding Income

RESPECTED ALL MEMBERS
MENE MERE FRIEND KE NAME SE VEHICLE LOAN PE LIYA HE AB VO LOAN KI PAYMENT ME KARTA HU AUR BUSSINESS KE LIYE USE KARTA HU (GOODS DELIVERY BUSINESS)
SO AB ME DEPRICIATION AUR INCOME ME RETURN ME APNE NAME SE SHOW KAR SAKTA HU
PLEASE SUGGEST ME
THANK U IN ADVANCE...
Replies (3)
Quick Summary
A user has taken a vehicle loan in a friend's name but is making the payments and using the vehicle for their goods delivery business. They want to know if they can claim depreciation and show it as income on their tax return. The advice given is that ownership is a prerequisite for claiming depreciation under Section 32 of the Act, meaning they cannot claim it as they are not the legal owner of the vehicle.

No u can't take depreciation became u are not owner for taking depreciation ownership is must
As per section 32 of the Act, ownership is a pre requisite for claiming depreciation.Hence, you will not be able to claim depreciation on vehicle in your Return Of Income.
Provided you are running any business...

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