Depreciation
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 December 2016
Dear experts,
A Machinery has been gifted by father to his son, whether son can claim depreciation on machinery even the RC is not on his name (SON)
A Machinery has been gifted by father to his son, whether son can claim depreciation on machinery even the RC is not on his name (SON)
05 December 2016
Firstly, u can't claim depreciation in individual's name. If the asset is in name of business, whether proprietary, partnership, company etc. then only u can claim depn. on that asset. And the answer for ur query is, that the son can claim the ownership of the asset being legal heir of his father, and in case of gift the ownership gets transferred automatically. Better to make a gift deed, for legal purpose.
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 December 2016
It means after making of gift deed son can claim depreciation even RC is in the name of father I am correct ?
Please reply asoon as possible.
Please reply asoon as possible.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund of AY 22-23
- Should I include march foreign salary received in April in my income for FY 2023-24?
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- TDR receipts for agreement holder
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- Intimation wrongly states taxpayer has offerred u/s. 44ad & states probable resolutiton to do audit
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
