Car purchased by partner and cost expensed by company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2018 Hi team,

Car purchased by individual partner and all cost of car like emi paid by company .

Who is the owner in this case company or individual partner .
What is the consequences in terms of tax

Br
Manish

RAJA P M

RAJA P M (Expert)
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11 January 2018 Partner is the Owner of the Car... No more tax liabilities to Company and It's fully to Individual...

Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2018 Thank you for your reply.

Could i know why this is so cause company is paying and these expenses does not impact the pl and balance sheet of com0any as emi are paying from companies bank account

Thanks in advance
Br
Manish chaubey

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