Depreciation allowance
This query is : Resolved
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
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
if dep. claimed in firm assessment than it can't claimed in personal account.
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12 July 2012
Sir
Since the Motor car is a personal asset no depreciation claimed in firm's assessment .In that case whether the partner cn calim it?
Since the Motor car is a personal asset no depreciation claimed in firm's assessment .In that case whether the partner cn calim it?
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
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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
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
13 July 2012
no if assets not accounted in firm's business than dep. also can't be claimed in firm's a/c...
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.
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