Business income and business exp.
This query is : Resolved
04 August 2011
if business income from partnership remuneration and int. on capital then depreciation exp. allowable as exp. or not for assessee(Individual)
04 August 2011
Depriciation will be allowable to the partnership firm and not to the Partners.
04 August 2011
I am not sure. Take it as an query.... say any partner has used his own Motor car for commuting between office to client & for other official purposes (which can be established with the proper suporting). Depreciation has not been claimed in firm, can it not be claimed by that partner against his Income from B/P (Remuneration & Interest on capital received from firm)?
04 August 2011
If he is using it for the said purpose then you should show the same in the business of firm and claim depriciation there.
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