Depreciation;
In Case of Motor Vehicle, ownership is determined by Possession of the Vehicle and the assessee has to prove that it is used for the purpose of business. Registration under motor vehicle act is only permission for driving the vehicle on the road. (Salkia Transport Associates 143 ITR 39 (Cal), Dilip Singh Sardhar Singh Bagga ITR 985 (Bom), Nidhi Trnsport Corpn. 76 CTR 221 (ker.), K Torurism & Devep Corporation (Del).
Therefore, if you use the car entirely for business purpose and you can prove that it has been used only for business purpose, you can claim depreciation, though the asset has been registered in your name.
However, it is to be noted that for the purpose of claiming depreciation, the assessee must be the owner of the asset. There is no clear idea with me for claiming depreciation, whether beneficial ownership is enough as the above decision were held only in high courts and not in supreme court.
Therefore i suggest that, transfer the asset to the company as capital contribution and then cliam depreciation. But, it may be done if your MoA & Loan agreement with Banker permits.
In another case, you can transfer the asset to the company on the written terms that consideration for such transfer will be settled by repaying your loan with interest to the banker by the company. In Such case, Interest expenses also be claimed. It is also subject to MoA and Loan agreement conditions.
Maintenance Exps;
There is no bar for claiming maintenance expenses, as it is only incurred for business purpose.
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