Car - Buy personal or under company name

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tilshang

serv

23 Points Posted on 27 November 2008

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.

Replies (2)

Guest

Posted on 28 November 2008

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.