depreciation

This query is : Resolved

ANAND U PATANKAR (Querist)
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20 March 2009 Dear All,
Pl clarify whether depreciation on vehicle in the name of Director of the company is allowable as deduction u/s 32, if the vehicle is used for both personal and business purpose.
Anand

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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20 March 2009 No, depreciation is not allowed as Company is not the owner of vehicle.

Asset should be owned by the assessee.

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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20 March 2009 REGISTRATION OF VEHICLE IN THE NAME OF THE COMPANY IS MUST FOR CLAIMING DEPRECIATION. HENCE NO DEPRECIATION CAN BE CLAIMED BY THE COMPANY.

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