Purchase of car in the name of director is not a good idea. If payment is made by the company then ROC may treat this transaction as loan to director u/s 295.
03 December 2009
Mr.Ankur is correct. if any payment made by company in the name directors, that will be treated to loans to director under Loans and Advances head. Otherwise company can buy a car in the name company then company can eligible to claim depreciation. So, any fixed asset in the name of company is suggestable.
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