Depreciation on director's car
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 April 2016
Hello Experts,
director car is being used in company for business purpose..1) can company claim depreciation on this said car....2) can company take deduction of fuel & maintenance of this said car,
Thanx & Regard
Vijay swami
director car is being used in company for business purpose..1) can company claim depreciation on this said car....2) can company take deduction of fuel & maintenance of this said car,
Thanx & Regard
Vijay swami
CA PARAS BAFNA
(Expert)
11 April 2016
For claiming depreciation the Car must be shown in the Balance Sheet of the Company as an asset. However, the company can claim the expenditure of fuel and maintenance of the car provided the expenditure has exclusively incurred for the purpose of the business of the company.
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