Ownership of car in the name of director instead of company

This query is : Resolved

Ritesh Maheshwari (Querist)
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08 April 2014 Dear Sir/Mam,

A car is purchased by our company but it is in the name of Director as follows:

Mr. ABC
C/o PQR Pvt. Ltd.
A. B. Road, Indore

Whether Depreciation can be claimed U/S 32 of Income Tax Act???

Thanks

Rupesh Jain

Rupesh Jain (Expert)
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08 April 2014 you can take car on lease from director and pay rent of car.

or otherwise you can purchase the car from director after taking valuation from market. and tfr the car in company name.