hi
we have 2 cars
i need to know that a car bought in name of Salaried (wife), but she quit job. where owner name in rc is hers.. But car been used by me in business - is it possible to claim depreciation or tax rebate on it
I have read one similar answer on :- https://www.mycarhelpline.com/index.php?option=com_easydiscuss&view=post&id=1015&Itemid=78
As per it - if vehicle is not in name then no depreciation benefit .. is there any way to get it worked up
For Claiming Depreciation owner is must, in your case ownership is with other person so you can not claim Depreciaition of Car in your Business.
However you can claim Rent paid for Car used in Business.
thanks.. How to claim rent for car, shall i make rent agreement with my wife.
Is it allowed in income tax as per law . Been also - no banking transactions been reported, is it allowed if i only show rent agreement and show car rental as her income as rent recieved as cash
thanks
Mr Saahil, if you make arrangement of agreement regarding car rent, it effect to your wife as income and again your wife has to pay Income tax. You just prepare agreement by nominal rent and claim service and repairs of vehicle every month it can save some tax for you.
and Ms. Sanjana , you can't claim depreciation on leased assets as the leased assets cannot recongised as your asset, owner of lease assets are some one. You can claim only rent paid amount.
CAclubindia
