Buy scooter in name of my company
This query is : Open
dilip shah
(Querist)
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
(Expert)
12 July 2017
No you cant.
dilip shah
(Querist)
12 July 2017
Company can get credit it's propriety firm
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
(Expert)
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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