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27 June 2013 A director of a private ltd company purchased a car in his own name by using the cash of the company.can the asset be shown under fixed asset in the books of company and depreciation be claimed thereon?if yes,Is there any legal formality to be observed to give effect to the same?
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Guest (Expert)
27 June 2013 Asset is owned and under possession of director.

I think the company can not show such under its fixed asset.
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CA. RAGHAV GARG

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CA. RAGHAV GARG (Expert)
27 June 2013 It depend on whose name the asset is purchased. If the CAR is purchased in the name of Company then Company is Owner, if it is not then, the amount will be treated as Drawings from Company.

Provision of Deemend Dividend will also apply
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