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Q. > Please Help: allowability of expences to a firm
if i use my pesonal car in my partnership bussiness,then can i claim the following exp. from FOR FIRM ASSESSMENT:
1.) Depreciation
2.) Car running Exp.
plz reply...
answered Jun 08, 2011 by CA VIKAS JAIN , DELHI
Depreciation will not be allowed to firm, Running Exp. will be allowed, however log should be maintained.
answered May 08, 2012 by Rishabh Upadhyay , Chandigarh
As already answered, only Out of pocket expenses be allowed. NO depreciation can be allowed, unless you prove that car is used solely used for the purposed of business
answered Jul 22, 2012 by Vikash Kumar Jha , Cuttack
To claim depreciation that asset's ownership must be in the name of business otherwise it should not be possible to claim depreciation and about running expenses will allowable
Experts Panelist
Comments
Jitender
22-May-2011 , 08:45:43 amYes Dear... u can claim depreciation and as well as running expenses only in the proportion used in the business... refer section 38 of Income Tax Act, 1961... as per Act. " If any assets not used in business wholly then then deduction of expenditure shall be restricted to the propertion as determined by Assessing Officer to the extent assets used in business.
Amrish Gupta
23-May-2011 , 07:13:36 amLalit u can claim depreciation & car running expenses. As per law u have to consider the proportionate amount of expenses incurred for use in business, but this is practically not possible to have records of personal & business use.So as i am following you can disallow approx 20% of the total expenses indicating as for personal use.
CA VIKAS JAIN
24-May-2011 , 09:59:06 amlalit, under income tax act, partnership firm have distinct identity from its partner and therefor both are seprately assessed under the law. as you use the car partly for personal purposes and partly for partnership business and car is owned by you in individual capacity so in that case depreciation will not be allowed on car in firm assessment. however running and maintainance cost will be allowed if proper log is manitained and duly verify for personal use as well as for business use.
SANJEEV RASTOGI
26-May-2011 , 03:58:28 amthere are two conditions for claiming depreciation(1) asset must be owned by assesseei.e. firm(2) asset muut be used for business but assesse is not the owner of car so depreciation will not be allowed
lalit aggarwal
26-May-2011 , 10:29:36 am@sanjeev Rastogi----But beneficiary ownership is required not the registration.....??