09 March 2009
Can a company purchase any asset in the name of director ? if yes, than what are it`s implications ( i.e.in claiming depreciation in income tax law or in any other law )
09 March 2009
A Company cannot purchase a fixed asset on the name of director.
However, if the Co. has already done so then director needs to transfer this asset to Co. throght an agreement and also transfer the invoices to the Co.
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