Buy scooter in name of my company

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dilip shah

dilip shah (Querist)
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12 July 2017 If I buy Scooter in name of my company name with GSt number can I get credit for its

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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12 July 2017 No you cant.

Anand

Anand (Expert)
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12 July 2017 Rashmi, would the company be able to claim credit?

dilip shah

dilip shah (Querist)
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12 July 2017 Company can get credit it's propriety firm

Anand

Anand (Expert)
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12 July 2017 Then your question is not clear. you mentioned buying scooter in company name. Now you are saying it is a proprietorship. Did you mean whether you can claim credit as a Proprietorship? I believe yes, because the proprietorship doesn't have an identity different from the proprietor. You will have to demonstrate use of the asset for business purpose alone which may be difficult. Hence credit can be claimed over useful life of the asset

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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12 July 2017 As per Sec 17(5) You can't claim credit of vehicle until used for providing taxable supplies or transport of goods. So if scooter is for personal use then you can't claim ITC.

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