Personal Car used for business purpose
This query is : Resolved
CA Garima Bhayana
(Querist)
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 ?
Shrikant Toshniwal
(Expert)
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.
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