krishna (Employee @ GVK Associates) (253 Points)
05 January 2011Good Evening,
Please clarify me,
A Partner in the partnership firm, wants to file his Personel Income tax return, in the F.Y he has purchased New car,
Whether he can claim depreciation on that while filing his return?
If yes, Please let me Know the relevant section and case law.
Looking forward for your reply.
Regards,
Krishna
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 05 January 2011
unless he does not have any commercial use of the car, depriciation can not be allowed.
krishna
(Employee @ GVK Associates)
(253 Points)
Replied 05 January 2011
Thank you Sir,
One more thing, He has purchased the car out of his own funds and it has been registered in his name only, he use car for Business purpose too. Can he claim depreciation as a partner of Partnership firm.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 05 January 2011
krishna
(Employee @ GVK Associates)
(253 Points)
Replied 05 January 2011
Well Thanks a lot for your valuable information.
Regards,
Krishna
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