Depreciation
This query is : Resolved
25 March 2012
when a car is purchased in personal name of a director in a pvt ltd company and the car is used for both office and personal use. can the company claim depreciation for the car's official use?
if a business man purchases a car and uses for both office and personal use,can he claim depreciation for the official use?
if a business man purchases a car and uses for both office and personal use,can he claim depreciation for the official use?
25 March 2012
No the depreciation is allowed only for the assets owned by the company except in the case of hire purchase. So the director can claim the expenses in the company but not the depreciation. You can do one thing that pass a journal entry and transfer the car to the company although the same is in the name of the company's director. Pass a result ion this effect.
25 March 2012
thankyou sir
23 July 2013
According to me, merely passing entry in books of Company is not enough to claim depreciation. Consequtive laibility is to be entered in the books of company. For eg if loan is taken then payment has to be done by the comapany with the loan is to be relfected in companies book.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- LIABILITY ADJUSTMENT
- ITR-3 File/Error Found
- Due Date Clarity
- Accounting with Claude
- TDS _Long term Capital Gain ref.sec 214 Table 2
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
