I want to know whether I can claim depreciation on Motor car owned by me but which is used solely for my business purpose. I am running a proprietary firm.The RTO registration of the car is in my name and not in the firm's name.
15 December 2009
You can Claim Depriciation on your own Car which is use for your Business Purpose. In Proprietorship concern there is no different between name of firm & Proprietor,you have to show your Car in your Firm Balance sheet & Claim the dep. in P&L A/c.
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