Partner buy a car in Partnership firm as an Individual

yes, you can buy the car in your name where beneficial owner is the firm. Instead of taking the interest free loan make the payment from the firm itself.

At the time of sale cap gain will arise to firm and yes VAT would be applicable.

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The firm will be the beneficial owner.

Regards

Piyush

Mr.Ketan

and

Mr.Piyush Jain

Please refer section 14 of the Indian Partnership Act, 1932.  Your doubts will be clarified.  Though the car is purchased in the name of a partner, it can be treated as the asset of the firm and the firm can claim deprectiaiton.

With Best Wished

Sathikonda

Mr.Ketan

and

Mr.Piyush Jain

I am herewith attaching a list of case laws use for you in the matter of claiming depreciation on vehicle registered in the name of a partner.

Best Wishes

Sathikonda

Thanx a lot Mr. Piyush & Mr. Sathikonda... To sum it all

I Shall buy a car in my name Payed by my Firm,  who can claim the Depriciation & maintainence, @ at the time of sale the car shall be sold by the Firm with VAT at the prevaling rate.

Mr.Ketan

and

Mr.Piyush Jain

Please note that the car must be shown as an asset of the firm.  

With Best Wishes

Sathikonda