Can i buy a car under proprietorship firm name?

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Rashtra vijay (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

Rashtra vijay

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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 October 2018 You can claim depreciation if it's used for business.

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