assets of director for company use
This query is : Resolved
Vishal Chaturvedi
(Querist)
28 February 2009
Dear Frnds,
I do like to ask that a director of a company owns a car on his personal name he uses that car for purpose of company.he like to reimburse the expences of car.what formalities he has to do with company..and also is he eligible to do so
thanx
I do like to ask that a director of a company owns a car on his personal name he uses that car for purpose of company.he like to reimburse the expences of car.what formalities he has to do with company..and also is he eligible to do so
thanx
CA PRAMOD SARAOGI
(Expert)
01 March 2009
Of course a director of the Company is allowed to be reimbursed expenses of running of a Car , however the company is not eligible to claim the depreciation of the Car, not being the owner of the Car. Approvals may be taken in the Board meeting.
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