Buying a car in the Firm name

- Yes LLP can buy vehicle in its own name. It is applicable to new and user cars.

Dear Sir,

Hope you are doing well !!

Yes, LLP can buy vehicle (car) in its own name.

Yes, expenses like EMI, depreciation, drivers’ salary can allowed as deduction from the tax point of view in the financial statements of the firm subject to conditions.

Also, it is applicable to new car as well as used car.

Hello,

Yes, LLP can buy a car in its name. Expenses made for official purposes would be available. The same is applicable for new and used car both.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

Yes LLP can buy a car in its name and claim all the expense as well as depreciation.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hello Sir,

Yes, LLP can buy vehicle (used & new) in its own name.

Also, LLP can claim all the expenses like EMI, depreciation, drivers’ salary etc from the tax point of view.

Yes, LLP can buy a car in its name. it can be used car or new car. If the car is being used for business purposes, all exepnses related to car can be claimed in the p&l