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purchase of asset by a company

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(Querist)
09 March 2009 Can a company purchase any asset in the name of director ? if yes, than what are it`s implications ( i.e.in claiming depreciation in income tax law or in any other law )
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
09 March 2009 A Company cannot purchase a fixed asset on the name of director.

However, if the Co. has already done so then director needs to transfer this asset to Co. throght an agreement and also transfer the invoices to the Co.
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