tilshang (serv) (34 Points)
27 November 2008My company has promised a car + driver to me.
One option which the company is giving me is to take a car loan and buy it under my own name. the company will give car + driver allowance.
Is this option better against buying against buying a car under company name.
How can we use the depreceiation?
Please help with a calculation / spreadsheet example.
| Originally posted by :tilshang | ||
| " | My company has promised a car + driver to me. One option which the company is giving me is to take a car loan and buy it under my own name. the company will give car + driver allowance. Is this option better against buying against buying a car under company name. How can we use the depreceiation? Please help with a calculation / spreadsheet example. |
" |
You can buy the car in the name of your wife or any one in the family who will have a lesser impact of Tax than you. Allowance should be collected in his/her name which will also be taxable to him/her.
CA Shree Jain
(Chartered Accountant)
(1572 Points)
Replied 28 November 2008
answer is correct...
u can take car in ur family name & allowance is also take in family name. so allowance not taxable in ur hand.
CAclubindia
