30 June 2011
Can depreciation be claimed on the Car if the Car is purchased in the name of Director? Also whether the maintenance / servicing exps can be claimed in the P&L of the Private Ltd. Co.?
30 June 2011
For claiming depreciation u/s 32 ownership of the asset is primary condition. Maintenance and servicing expenses can be allowed if the car is used for business purpose of the company by the director.
01 July 2011
Yes it can be by way of passing of a resolution that the company car can be purchased in the name of the director and all expenses can be incurred by the company.
CAclubindia
