Huf - business - depriciation question

24 July 2012

Hi,

I have a HUF running a business (it's own income + it's own expeses etc).

I am the Karta. I bought a CAR in my name, can I claim depreciation on it in HUF return ? My other income is Salary from a MNC.

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4 Replies

Yajendra Adhikari (Chartered Accountant) (334 Points)
Replied 24 July 2012

No, Not unless you gift it to your HUF, and used it in the business of HUF.

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Mohan Shrivastav (CTO) (42 Points)
Replied 24 July 2012

@ Yajendra Adhikari Can you please tell me how can I gift from myself to HUF ?

Does that involve changing name in Car ownership? OR what docs do I need to complete such "gift".

Mohan Shrivastav (CTO) (42 Points)
Replied 24 July 2012

I may add that the car is used for HUF's business purposes.

mike (Prop) (21 Points)
Replied 07 April 2015

Hi,

I woud like to know : a) I being the Karta of an HUF can i open a business in HUF?

b) Can i purchase a vehicle in the name of HUF?

c) the business would be renting out of vehicle.

d) tax benfits in terms of loan if any which can be set off against profits?

e) can we claim depreciation.

Kindly please let me know on the above.

Hoping to recieve some positive guidance

Thanks

Aarti

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