30 June 2010
Whether a partnership firm can claim depreciation on assets of his partner if firm is using that assets but assets is on the name of partner
30 June 2010
NO. PARTNERSHIP FIRM CAN NOT CLAIM THE DEPRECIATION SINCE THE ASSET IS IN THE NAME OF PARTNER. BUT THE SAID ASSET CAN BE GIVEN ON LEASE BY PARTNER TO FIRM, IN THAT SCENARION LEASE RENTAL CAN BE CLAIMED.
01 July 2010
But in the case of motor car, depreciation can be claimed by firm even if it is registered in the name of partner by virtue of certain decided cases.
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