banner_ad

Can i buy a car under proprietorship firm name?

This query is : Resolved 
Profile Image

Profile Image

(Querist)
11 October 2018 I have a proprietorship firm for clothing, I am planning to buy a car, should i buy it under my own name or should I buy it under the firm name?
If i buy it on personal name or firm name can I pay laons from any or the bank accounts (personal/current acc)?

Thanks In advance
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
12 October 2018 Buy it on personal name. Prop firm is not a legal entity no assets can be purchased in firm name. Payment can be made from any bank account no problems.
Profile Image

Rashtra vijay

Profile Image

Rashtra vijay (Querist)
12 October 2018 ok Thanks sir, can I get extra benefits of tax savings or depreciation ?
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
12 October 2018 You can claim depreciation if it's used for business.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details