Allowable depreciation,interest exp.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2010 Can an individual who is having income from Partnership firm (Remuneration,Interest,Profits).Can he claim deprecition on Motorcar,interest on loan taken for Motor car,Petrol exp. from above income?

Praveen Sharma

Praveen Sharma (Expert)
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18 September 2010 The status of the two is different.

Partnership firm carry on business.
Individual is a partner in the said firm.

One can't adjusted the vehicle related exp. from interest,profit, salary from firm.

The right way is to charge exp. in the firm.

Regards
P