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DEPRECIATION

This query is : Resolved 
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(Querist)
06 January 2011 ASSESSEE COMPANY IS FORMED IN FEBRUARY 2010. THE COMPANY HAS PURCHASED VEHICLE FOR BUSINESS PURPOSE,AS THE COMPANY IS NEW
THE SELLER SOLD THE VEHICLE ON THE NAME OF ONE OF THE DIRECTORS.

CAN THE COMPANY SHOW THE VEHICLE IN COMPANIES ACCOOUNTS AND CLAIM DEPRECIATION?

PLZ GUIDE ME.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
06 January 2011 If the vehicle has been transferred to company by the director, Company can claim the deprection.As per AS 10 , legal ownership is not required, But it must be clear from the documents that assets is being used by the compnay.
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