Expenses on car

shanthi (Querist) 21 June 2012 This query is : Resolved
My friend has given me car for usage. I m using it currently. can i show it as my expense as the ownership is not with me.
Please provide me with suggestions.

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Nadeem Qureshi (Expert) 21 June 2012
What is the purpose to show in the expenses it is important?

shanthi (Querist) 21 June 2012
If i use the car for a long time as i have borrowed the car from a friend then can i show it as my expense without any documents

Dr J C Vashista (Expert) 21 June 2012
why and where you want to show car expenses? Be clear in your mind.

Shonee Kapoor (Expert) 21 June 2012
If you have borrowed the car and paying actual expenses, you can show the same as travelling expenses.

Otherwise you should go for registered lease of the car to claim capital expense.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

shanthi (Querist) 22 June 2012
Thank you Sir for your advice.
I wanted to ask one more thing.
Can i borrow the car for long period of time from a friend. Is there any restriction legally.
What are the legal documents to be prepared for the same?

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