Buying car on private limited company name

I started a Private limited company (Oct 2016). I want to buy a car on my company name. As my company is new I will not get loan on my company name to buy car.

If I loan money from my friends on my company name, can I use it to buy the car with full cash and show as expenses and the interest I am paying to my friends also as expense. Any cap limit for this.

Or, If I have 10 lakhs profit from my business and I use that 10 lakhs money to buy a car in cash, can I show that 10 lakhs as expense. Any cap limit for this.

Please explain me how this works and any better options for me.

Appreciate your help.

Replies (2)

hi

When you have 10 lakh profit, no need to go for loan;as it your new company.

Car purchase is not expenses; it will be your asset.

hi

When you have 10 lakh profit, no need to go for loan;as it your new company.

Car purchase is not expenses; it will be your asset.

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