When a car is given as a perquisite to an employee, should we recognize car as an asset in the books of the company?
4 Replies
Jishnu Surendran
(Finance Manager)
(312 Points)
Replied 19 July 2016
Refer the 'definition of fixed asset'. If it satisifies the conditions then 'yes'. Merely having legal ownership cannot be equated with holding of fixed asset.
Praveen Tawania
(Owner)
(369 Points)
Replied 20 July 2016
Dear Member,
You can recognize car as an asset in your books of accounts.
Praveen Tawania
(Owner)
(369 Points)
Replied 20 July 2016
Dear Member,
You can recognize car as an asset in your books of accounts.
shreya singal
(student)
(297 Points)
Replied 22 July 2016
Car has been given for commuting purpose......then? And should we deduct tax from that?
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