Depreciation on director's car

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 April 2016 Hello Experts,
director car is being used in company for business purpose..1) can company claim depreciation on this said car....2) can company take deduction of fuel & maintenance of this said car,

Thanx & Regard
Vijay swami

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 April 2016 For claiming depreciation the Car must be shown in the Balance Sheet of the Company as an asset. However, the company can claim the expenditure of fuel and maintenance of the car provided the expenditure has exclusively incurred for the purpose of the business of the company.
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