Depreciation and Interest claim in case of car owned by director of the company.
This query is : Resolved
19 March 2022
Facts;
1. A motor car is purchased in the name of Director.
2. Purchase of Car if financed by loan which is taken in the name of Director (care of company).
3. Loan is repaid by the company.
4. Car is used for personal as well as business purpose.
Query: Can the company claim depreciation and interest on loan? What will be the taxability to the director if depreciation and interest is allowed as deduction to the company.
1. A motor car is purchased in the name of Director.
2. Purchase of Car if financed by loan which is taken in the name of Director (care of company).
3. Loan is repaid by the company.
4. Car is used for personal as well as business purpose.
Query: Can the company claim depreciation and interest on loan? What will be the taxability to the director if depreciation and interest is allowed as deduction to the company.
19 March 2022
Car is in the name of the director and also loan taken in the name of the director hence no depreciation and interest can be claimed by the company.
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