Good 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
unless he does not have any commercial use of the car, depriciation can not be allowed.
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.
Well Thanks a lot for your valuable information.
Regards,
Krishna
CAclubindia
