CAN WE CLAIM DEPRECIATION OF PERSONAL CAR FROM THE INCOME OF THE PARTNERSHIP FIRM I.E INTEREST, REMUNERATION & PROFIT.
3 Replies
CA AMANPREET SINGH
(Chartered Accountant)
(284 Points)
Replied 26 April 2011
if car is recorded in firm's books at the time of purchase then you can claim Depreciation on such car.
KIYOSH
(TAX CONSULTANT)
(332 Points)
Replied 27 April 2011
NO YOU CAN NOT CLAIM DEPRECIATION AGAINST REMUNERATION RECEVED FROM PARTNERSHIP FIRM
CA Abhilash Tewari
(Fresh CA)
(83 Points)
Replied 27 April 2011
If the Car has been booked in books of accounts atttime of Purchase depreciation can be claimed however it has no relation with Remmuneration OR Interest
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