12 July 2012
Sir Kindly clarify whether a partner can claim depreciation on motor car which is used for the business as an expense from the Working Partners salary.If allowable pls explain any conditions to be fullfilled Thanks & Rgds
12 July 2012
motor ca can also be treated as a business assets instead of personal assets, provided it is in business use.....so you can claim in firms assessment....this will be a proper way
12 July 2012
Sir The problem is that,since it is a personal asset how it can be accounted in firm,s business. Whether depreciation is accountable in firm's account without accounting the assetin the books of the firm. Kindly clarify Thanks & Rgds
14 July 2012
Interest, Salary received from firm by partner is business income. Partner shall be entitled to claim deduction from salary, interest etc. in respect of any expenditure incurred to earn such income, under sect. 30 to 37.
CAclubindia
