Fixed asset by director
This query is : Resolved
29 June 2021
Sir,
Our director has entered into sale deed for the purchase of second hand vehicle and ownership is not transfeered,,Ownership will be transferred whn the amount of loan is fully paid. Loan is existing on the asset at the time of sale.The same asset is used by the company.need to how the asset can be brought to the statement.Whether the same need to be shown in dpt-3?..whether we can bring the asset by crediting shareholder loan
Our director has entered into sale deed for the purchase of second hand vehicle and ownership is not transfeered,,Ownership will be transferred whn the amount of loan is fully paid. Loan is existing on the asset at the time of sale.The same asset is used by the company.need to how the asset can be brought to the statement.Whether the same need to be shown in dpt-3?..whether we can bring the asset by crediting shareholder loan
29 June 2021
Section 187(1) of the Companies Act,2013 doen't permit to account the assets in co's books.
29 June 2021
In that sale agreement the other party has given to use the property to director.... Whether we need to execute sale deed in the name of company from director name to use the asset
29 June 2021
In that sale agreement the other party has given to use the property to director.... Whether we need to execute sale deed in the name of company from director name to use the asset
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Grand in aid
- IT returns for fresh job holders
- F&O reporting in ITR
- Difff in ais receipts and gst turnover
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
