Can you tell me if the private Limited company wants to sell a land(in the name of company) to the director. A Company can sell it or not?
what are implications?
CA Ankur Agarwal (CA) (110 Points)
26 February 2017Can you tell me if the private Limited company wants to sell a land(in the name of company) to the director. A Company can sell it or not?
what are implications?
The private company being a closely held company can sold its land to other by way of passing a Board resolution. Further if the comany being a subsidiary of the public ltd then the provision of section 293(1)(a) of the Companies act has to be followed and in that case a special resolution has to be passed. To know its charge/ satisfaction of charge you can obtain the CIN of the company and inspect at the MCA site
tax will apply as per capital gain
CA Ankur Agarwal
(CA)
(110 Points)
Replied 27 February 2017
That's a weird answer & it's not even close to my question.
Ven Mathi
(3 Points)
Replied 03 March 2017
Please advice me the best option :
Problem: My cousin an NRI/POI is prepared to finance me around Rs.80 lacs for purchase of a flat. Which is the best method to get the remittance from USA.with least tax implication , stampduty and Regn charges.She is not a close relative as per law.
If you suggest it has a loan what would be the loan agreement form, rate of interest etc. It cannot be repaid within 3 years for sure.
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