Company used car transfered to the Director.
This query is : Resolved
18 May 2020
Dear Sir/Mam
ABC ltd. a company want to transfer its used car to the director of company whether it is possible?
The WDV of car is Rs. 5 lakh.
If Yes what will be the tax liability in the hands of company as well as in hands of director?
ABC ltd. a company want to transfer its used car to the director of company whether it is possible?
The WDV of car is Rs. 5 lakh.
If Yes what will be the tax liability in the hands of company as well as in hands of director?
19 May 2020
The sale of the Car will be treated as Short Term Capital Gain in hands of the Company.
19 May 2020
if the director is managing director or whole time director and there is an express agreement of employment between the company and the director then it is taxable perq otherwise the profit on the transfer of car will be treated as short term capital gain.
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