Querist :
Anonymous
(Querist) 28 January 2012
This query is : Resolved
dear sir, i have a query regarding income tax, whether a partner can use own car for the business of firm & claim dep. & other exp. relating to that car. if answer is an affirmative please ref. any provision/circular/ notice or case law.
soumitra basu
(Expert) 28 January 2012
Yes, the partner can prove that the car was used for the purpose of business of partnership firm. The depreciation and other expenses shall be reduced from the Interest and Remuneration to be received from the Firm.
Sankaranarayanan
(Expert) 28 January 2012
He can use and acceptable subject to the explanation better some usage for personal and dis allowed it while file memo of income.
Sailesh Kumar Shah
(Expert) 29 January 2012
Agree with views of Mr.Basu and Mr.Sankar.
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