Buying a new vehicle
This query is : Resolved
27 January 2011
Sir, I am manager-finance.
We intend to purchase a Toyoto Fortuner to a value of Rs.26lacs.
My query is to buy the vehicle in cos. name or in individual name. If bought in individual's (MD's) name and lease it to co. will the lease paid to him can be treated as expenses in cos. a/c
Awaiting for your response to take a decision accordingly today.
We intend to purchase a Toyoto Fortuner to a value of Rs.26lacs.
My query is to buy the vehicle in cos. name or in individual name. If bought in individual's (MD's) name and lease it to co. will the lease paid to him can be treated as expenses in cos. a/c
Awaiting for your response to take a decision accordingly today.
Sunil Kr. Sanganeria
(Expert)
27 January 2011
Yes, The expenses paid by a company for hiring a vechicle is an allowable expenditure.
Please make an agreemant and deduct Tax on the payment u/s 194C of the Income Tax Act.
Please make an agreemant and deduct Tax on the payment u/s 194C of the Income Tax Act.
Guest
Guest
(Expert)
27 January 2011
But on the same time, lease rent will be the income of MD.
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