companies act
This query is : Resolved
03 December 2009
If a company purchase car in the name of the director then how it is treated as as per companies act 1956.
Ankur Garg
(Expert)
03 December 2009
Hi Swati,
Purchase of car in the name of director is not a good idea. If payment is made by the company then ROC may treat this transaction as loan to director u/s 295.
Views of other experts solicited.
Regards
Purchase of car in the name of director is not a good idea. If payment is made by the company then ROC may treat this transaction as loan to director u/s 295.
Views of other experts solicited.
Regards
03 December 2009
Mr.Ankur is correct. if any payment made by company in the name directors, that will be treated to loans to director under Loans and Advances head. Otherwise company can buy a car in the name company then company can eligible to claim depreciation. So, any fixed asset in the name of company is suggestable.
CA Ravi Sisodia
(Expert)
03 December 2009
agree
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