RESPECTED ALL MEMBERS
MENE MERE FRIEND KE NAME SE VEHICLE LOAN PE LIYA HE AB VO LOAN KI PAYMENT ME KARTA HU AUR BUSSINESS KE LIYE USE KARTA HU (GOODS DELIVERY BUSINESS)
SO AB ME DEPRICIATION AUR INCOME ME RETURN ME APNE NAME SE SHOW KAR SAKTA HU
PLEASE SUGGEST ME
THANK U IN ADVANCE...
3 Replies
Devil
(Confidential)
(177 Points)
Replied 18 May 2020
No u can't take depreciation became u are not owner for taking depreciation ownership is must
Kiran Hathalia
(837 Points)
Replied 18 May 2020
As per section 32 of the Act, ownership is a pre requisite for claiming depreciation.Hence, you will not be able to claim depreciation on vehicle in your Return Of Income.
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