Can a partnership firm claim the service expense of the partner's car as an expense in the books of the firm..? Car is used for personal purpose only. The invoice is issued in firm's name. What to do.?
If the car is recorded as an asset in the books of firm, then claim the expense and disallow 20% of the expense as per the act for personal use while computing tax. If car is not an asset in the books, then you can't claim.
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