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Question ID : 643

Depriciation on T.V. or Refregirator in the name of partner

If a fixed asset like T.V. or Refregirator is on the name of partner and is beg used the busess moreover payment is also made by the personal bank account of partners but is adjusted the books of firm as capital addition by partner however only thg is that the bill is the name of partner whether depreciation on the same can be cimed ? Note that the T.V. or Refregrator can be used the office of the firm. '

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Posted by Vinay Kumar Jain on Oct 21, 2005
Filed Under DIRECT TAXES

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