Interest on car loan

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CA Dipak (Querist)
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30 July 2011 Director of pvt.ltd co. taken loan in his personal name.car is not shown in comapny's b/s.can company claim interest as business expenditure as director use the same for company purpose.

is necessary the loan shall be on name of company.

URGENT

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 July 2011 No. it is not business expenditure, Loan & Car should be in the name of the company

CA Dipak

CA Dipak (Querist)
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01 August 2011 if in this case ,company reimbused interest on car loan taken by director and claim the same as business exp. then it is allow or not ? car is being used by director for office purpose.?

agreement btw director and co. shown reimbursement personal exp. of director shold be born by co.?

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