Can we use businesss vehicle (car) for personal use
Atharv Sankliya (1359 Points)
27 November 2021
can we use business's vehicle (car) for personal use in sole proprietorship??
5 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7296 Points)
Replied 27 November 2021
No because the maintenance costs like depreciation and repairs are reducing profits.
Atharv Sankliya
(1359 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)
(10431 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.
Otherwise depreciation can't be allowed in full.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 28 November 2021
No it's a violation
sabyasachi mukherjee
(27858 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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