Motor car exp
This query is : Resolved
15 May 2011
In Partnership firm business, the motor car vehicle is purchased in individual name as a personal asset of one of the partner. Now the partner use his personal car for business purpose, then whether he can claim driver salary, petrol exp etc related to car as business exp in his partnership firm. He is using his car for business tour/visit purpose.Can you pl advise, whether he can claim bus exp? and how the transaction to be accoutned in business books.
Regards
Manoj
Regards
Manoj
15 May 2011
ask the partner to introduce the vehicle in partners capital for the firm, then all such expenses are admissible including depriciation on car.
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