Question

is depreciation private income?​

Answer 1

Depreciation And Net Income

Instead, depreciation expense reduces net income when the asset's cost is allocated or expensed on the income statement. Depreciation is used to account for declines in the value of a fixed asset over time. A fixed asset is also known as property, plant, and equipment.

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Answer 2

Answer:

You can avail deduction for depreciation, only if it satisfies the following conditions. The assets must be owned, wholly or partly, by the assessee. Co-owners can claim depreciation to the extent of the value of the assets owned by each co-owner. You cannot claim depreciation on the cost of land.