DEPRECIATION ON CAR
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2011
if car is purchased on the name of the director of a company and the same is uesd for the purpose of business of the company then can depreciation be claimed in the company if yes pls quote some case law
07 January 2011
For claim depreciation for busines, it has been mentioned u/s 32 that ownership has to be in the name of the owner or business.
Therefore, here ownership in the name of the directors so you cannot claim depreciation.
But if you want to show as a expense then you should show this amount as rent paid to directors, what i think so.
However, let the other experts show their opinions on the same.
regards
Dinesh s. Adhikari
Therefore, here ownership in the name of the directors so you cannot claim depreciation.
But if you want to show as a expense then you should show this amount as rent paid to directors, what i think so.
However, let the other experts show their opinions on the same.
regards
Dinesh s. Adhikari
Manmohan ACA, CS
(Expert)
07 January 2011
ownership in the name of the directors so you cannot claim depreciation.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
