Personal Car used for business purpose
This query is : Resolved
13 February 2020
If sole properitor had purchased a car few years back for personal purpose but now want to used that car for business purpose -
1.) Is that car shown at WDV in books ?
2.) Is Journal entry be - Asset dr , to Capital
3.) If installment is done from properitor personal account then also can properitor claim deduction of interest ?
1.) Is that car shown at WDV in books ?
2.) Is Journal entry be - Asset dr , to Capital
3.) If installment is done from properitor personal account then also can properitor claim deduction of interest ?
23 February 2020
Dear garima ,
you can used it for business purpose
1)u can introduce the car in books as fixed assets as car is purchase from ur capital withdrawal (personal).
2)yes
3)As u introduce car in books of account & used in business the expenses regarding it can be claim.
you can used it for business purpose
1)u can introduce the car in books as fixed assets as car is purchase from ur capital withdrawal (personal).
2)yes
3)As u introduce car in books of account & used in business the expenses regarding it can be claim.
Message likes :
1 times
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
- Traces Portal
- U/s.234E late fee- balated filing the TDS returns
- Minor Aadhar card cancelled
- Capital Gain Incidents
- Form 121 of income tax
- Minor - PPF Rules Doubt
- Cheque bounce intimation letter
- Applicability of corporate governance provisions as per the SEBI LODR
- Unable to login
- Tax on selling redeveloped resi property
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
