| Question And Answer | |
|---|---|
| Subject: | Car purchase transaction |
| Category: | Income-Tax |
| Querist: | Kollipara sundaraiah |
| Answered by: | Law Intern |
| Tags: | depreciation |
| Date: | March 30, 2025 |
If tax payer purchase of new car assessess name and car purchase value credit by capital account.assessee purchase of car used for professional purpose.
Question:
Assessess above transaction correct for it purpose
If the car is actually used for business or professional purposes (e.g., client visits, deliveries, or other business-related activities), it can be shown as an asset in the balance sheet and be eligible for depreciation.
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