Can we use businesss vehicle (car) for personal use

27 November 2021

can we use business's vehicle (car) for personal use in sole proprietorship??

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5 Replies

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 27 November 2021

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

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Atharv Sankliya (1306 Points)
Replied 27 November 2021

Or can we purchase building from business money and record in b/s of business and use it for personal use??

CA Aakarsh Jain (CA) (10216 Points)
Replied 27 November 2021

No building in balance sheet to be used for business purpose only.
Otherwise depreciation can't be allowed in full.

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 28 November 2021

No it's a violation

sabyasachi mukherjee (26057 Points)
Replied 28 November 2021

You cannot demarcate between person expenses and business expenses in case of of a solepropreitor business.

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