Interest / depreciation of car
This query is : Resolved
PRAVIN PATEL
(Querist)
26 February 2013
A company is purchasing a car on its own name and installments paying by employee.
After completion of installments period Company will give car to the employee.
In this case, can company charge depreciation till the completion of installments???
Can employee get tax benefit of interest on installment of car loan.
After completion of installments period Company will give car to the employee.
In this case, can company charge depreciation till the completion of installments???
Can employee get tax benefit of interest on installment of car loan.
26 February 2013
Hi,
Since car belongs to company only benefit to employee is use of car & no other benefit is available.
Co. has to claim dep. & int. benefit.
At the end of tenure WDV of car (Cost less 20% of depreciation for each completed F.Y.) less Amount recovered if any would be taxable perquisite in the hands of employee.
Thanks!!
Since car belongs to company only benefit to employee is use of car & no other benefit is available.
Co. has to claim dep. & int. benefit.
At the end of tenure WDV of car (Cost less 20% of depreciation for each completed F.Y.) less Amount recovered if any would be taxable perquisite in the hands of employee.
Thanks!!
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
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Intimation under section 245
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- GSTR-9C filing
- GST input credit on commercial property
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- 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
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
