RAJ KUMAR (FINANCE MANAGER) (1393 Points)
04 August 2011HELLO FRIENDS IF A CAR IS PURCHASED BY THE PARTNERSHIP FIRM BUT CAR IS PURCHASED ON THE PERSONAL NAME OF THE PARTNER.
CAN IT BE CAPITALISED IN THE BOOKS OF FIRM OR NOT.
BECAUSE INSTALLMENT IS PAID FROM THE CURRENT ACCOUNT OF THE FIRM.
PLS. HELP ME.
CAN I CAPITALISE INTO THE BOOKS.
PLS. HELP ME.
hitesh
(Telecom Industry)
(169 Points)
Replied 04 August 2011
yes you can, but you will have to prove before asssessing officer, that the actual owner is the firm, and the car is used for business use.. and d car is purchased in name of partner only to avoid complex formalities..
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