14 December 2024
Respected Colleagues, Vehicle owned by father but used by son in his business and paid insurance charges by son his current account, now my first ques is whether son will claim insurance charges as expense in P&L and if Repair & Maintenance (petrol, diesel & wear tear) of vehicle also paid by son & claim as expense, then is it in order?
14 December 2024
Vehicle used by his son for his business hence the vehicle related all expenses can be claimed by the son. Depreciation on car can't be claimed by the son.