Depreciation on car
This query is : Resolved
CA Chintan Parikh
(Querist)
04 May 2012
Dear sir,
Can company claim the depreciation on car which is on the name of director of company.
Is their any judgement about this matter?
or is their any provision related to this matter?
please guide me.
Can company claim the depreciation on car which is on the name of director of company.
Is their any judgement about this matter?
or is their any provision related to this matter?
please guide me.
Amol S Joglekar
(Expert)
04 May 2012
A properly drafted resolution empowering the company to buy the vehicle in the individual name will serve the purpose. ( The other side is DARK. You have to take a call. Savings in RTO taxes at the cost of Income Tax disallowance on account of personal use by director, you have a good case in appeal.. kind of argument by ITO, cost of appeal, 271(1)(c) etc.)
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