20 November 2008
One person engaged in business and he purchased a Vehicle in the name of his son(who is major).The vehicle is specifically used for business.Can he claimed depreciation?
20 November 2008
No. ownership of the assets is the main criteria u/s 32 to claim the depreciation. however expenditure incurred on that vehicle for maintenance of the same can be claimed as deduction u/s 37(1) if the vehicle is used for the purpose of Business.
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