WE ARE A PROPERITORSHIP CONCERN NAME RINKU INTERNATIONAL. AND WE HAVE PURCHASED CAR IN NAME OF PROP. AMIT JAIN. AND IN LOAN AGREEMENT HOUSE ADDRESS IS MENTIONED.
CAN U SUGGEST ME IT CAN BE ASSETS OF PROP.FIRM OR NOT.
29 December 2009
Of course it can be asset of the prop. concern and depreciation can be charged. But to avoid litigation in respect of running & maintenance exp and depreciation it is advisable to maintain log book for its use. If it is used partly for personal purpose and partly for business than expenses would be allowed on pro-rata basis.
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