I AM THE DIRECTOR OF A PVT LIMITED FIRM
1)CAN I SHOW MY CAR AS RENT?.
2)CAN I CLAIM THE EXPENSES OF MY CAR?.
3)WHAT WOULD BE MY DRAWING LIMITS??
4)CAN I CLAIM PETROL EXPENSES FOR VAT SETOFF?
5 Replies
SIVASIVA
(FCA, Future CA)
(4935 Points)
Replied 11 June 2010
1. yes,you can get into an agreement with the co. and duly claim rent expense in the books of co. and should show rent income in your personal books
2. If you get into the agreement, then definitely yes say example, petrol exps, repairs exps, insurance, etc.
3. i don't know
4. yes
vicky
(Account Assistant)
(30 Points)
Replied 11 June 2010
| Originally posted by : I LOVE MY CA COURSE | ||
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WHAT IF I DONT SHOW A RENT
1)CAN I CLAIM EXPENSE IF I USE IT FOR OFFICIAL PURPOSE
2)CAN I CLAIM VAT
3)WHAT IS PROCEDURE FOR RENT SHOWING
SIVASIVA
(FCA, Future CA)
(4935 Points)
Replied 11 June 2010
1. first of all only when you use the car for official purpose you can show rent expense in the books of the Company. Otherwise , you CANNOT.
2. yes
vicky
(Account Assistant)
(30 Points)
Replied 11 June 2010
how can i transfre my vehicle to company use?/
SIVASIVA
(FCA, Future CA)
(4935 Points)
Replied 11 June 2010
if the vehicle is in the personal name, you have to make an agreement for effecting an lease contract.
thereby giving the ownership rights to the company.
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