13 July 2021
In a Private limited company there are two directors. Understanding between these two directors is any amount withdrawn from the company will be divided between this two. Query: One director wants to buy a car for personal use but he his buying the car from company name so that company will get the tax benefit ( depreciation & Interest on loan) Total cost of car with registration is 46,00,000/- Interest on car loan is 5,00,000/- Total Cost is 51,00,000/-
Mode of payment is Rs. 15,00,000 down payment Buy of personal car is Rs. 3,00,000/- balance of Rs.loan amount 33,00,000/-
Query 1 how much amount will the other partner withdraw from company.
query 2 The total outflow is Rs. 48,00,000/- is that amount will be withdraw by other partner or the Total cost - tax benefits which the company will get that amount (example total cost is 50 - tax benefits 10 = Rs.40 )
CAclubindia
