Ownership of car in the name of director instead of company
This query is : Resolved
Ritesh Maheshwari
(Querist)
08 April 2014
Dear Sir/Mam,
A car is purchased by our company but it is in the name of Director as follows:
Mr. ABC
C/o PQR Pvt. Ltd.
A. B. Road, Indore
Whether Depreciation can be claimed U/S 32 of Income Tax Act???
Thanks
A car is purchased by our company but it is in the name of Director as follows:
Mr. ABC
C/o PQR Pvt. Ltd.
A. B. Road, Indore
Whether Depreciation can be claimed U/S 32 of Income Tax Act???
Thanks
Rupesh Jain
(Expert)
08 April 2014
you can take car on lease from director and pay rent of car.
or otherwise you can purchase the car from director after taking valuation from market. and tfr the car in company name.
or otherwise you can purchase the car from director after taking valuation from market. and tfr the car in company name.
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