A very Interesting Query
This query is : Resolved
05 August 2009
Hi All,
An agriculture land has been purchased and registered in the name of the person who ins no where connected with a pvt ltd co
Eg :-
A pvt Ltd has made payment for purchase of agriculture land to the broker, who has made the payment to the farmers.
now the land should be registed in the name of A pvt Ltd co. instead it is registered in the name of the person who is no where related with the co. i.e. he is niether a share holder nor have interest in the co.
Therefore what should be the treted given in the books of A pvt Ltd
Also the person in whose name the land is regsisted have filed thier return
Suggest the answer
Regards
Hitesh Khona
An agriculture land has been purchased and registered in the name of the person who ins no where connected with a pvt ltd co
Eg :-
A pvt Ltd has made payment for purchase of agriculture land to the broker, who has made the payment to the farmers.
now the land should be registed in the name of A pvt Ltd co. instead it is registered in the name of the person who is no where related with the co. i.e. he is niether a share holder nor have interest in the co.
Therefore what should be the treted given in the books of A pvt Ltd
Also the person in whose name the land is regsisted have filed thier return
Suggest the answer
Regards
Hitesh Khona
06 August 2009
The query is realy interesting one.
The person who has filed his return of income might have not shown the land in his personal balance sheet.
Evenif he has shown land then he must have shown the source of acquiring the said land.
Until the land is brought in the books of company, the company may show the amount as- Advance against Land Purchase.
Corrective action may be initiated in consultation with a good advocate.
INTERESTING QUERY'S INTERSTING ANSWER-
The advocate and the person(registered holder of the land) must be kept under strict watch.
The person who has filed his return of income might have not shown the land in his personal balance sheet.
Evenif he has shown land then he must have shown the source of acquiring the said land.
Until the land is brought in the books of company, the company may show the amount as- Advance against Land Purchase.
Corrective action may be initiated in consultation with a good advocate.
INTERESTING QUERY'S INTERSTING ANSWER-
The advocate and the person(registered holder of the land) must be kept under strict watch.
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