I have a car on which a loan is also there. I am starting my new proprietor firm. At which value can I bring my car into my proprietary business. Also what about loan on the same. Can I bring the loan also to my proprietary business and claim m interest payments expense?
Certainly you can bring the car and car loan in the proprietary business books of accounts. car shall be bought in the business at the written down value by calculating notional depreciation from date of purchase till start of business. Also interest payments and depreciation can be claimed as business expense.