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Can we use businesss vehicle (car) for personal use

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1359 Points Posted on 27 November 2021
can we use business's vehicle (car) for personal use in sole proprietorship??
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On 27 November 2021 at 17:16 Report
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My grammar is 💯 good I
7301 Points Posted on 27 November 2021

No because the maintenance costs like depreciation and repairs are reducing profits. 

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On 27 November 2021 at 17:24
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1359 Points Posted on 27 November 2021
Or can we purchase building from business money and record in b/s of business and use it for personal use??
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On 27 November 2021 at 17:29
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CA
10436 Points Posted on 27 November 2021
No building in balance sheet to be used for business purpose only.
Otherwise depreciation can't be allowed in full.
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On 27 November 2021 at 23:57
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Chartered Accountant
24588 Points Posted on 28 November 2021
No it's a violation
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On 28 November 2021 at 05:59
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Profession Business
28207 Points Posted on 28 November 2021
You cannot demarcate between person expenses and business expenses in case of of a solepropreitor business.
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On 28 November 2021 at 10:52


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