car of partner is used in partnership firm for business purpose depreciation is claimed in partnership firm whether dep. allowable or it it will disallow in the name of any thing which is paid to partner pls tell about above topic
2 Replies
Amrin
(Chartered Accountant)
(215 Points)
Replied 18 December 2013
Though the beneficial owner is the Partnership Firm so it will be allowable u/s 32 cause it used for "OFFICIAL" purpose.
Although it is mentioned u/s32 that Depreciaition is allowed to the Owner but it is interesting to learn that Ownership also includes "Beneficial Owner"
Ajay
(CA Job)
(512 Points)
Replied 18 December 2013
A suggestion would be to bring the car of the partner to the books of the firm and claim deprecitaion. (Here, car being a pesonal efffect, Sec.45(3) would not apply).
If at all there invloves any personal use of the same car, you may disallow a notional % of depreciation computed as well as the fuel expexnse & related repairs.
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