Loan from school to seceratory
This query is : Resolved
Manish Kumar Joshi
(Querist)
14 January 2014
If a school wants to purchase Building on the name of secretory & for this school will transfer fund as Loan to secretory .Building is being purchased for the purpose of to be sold in near future then what are the ways of saving tax in the hand of school?
CA PARAS BAFNA
(Expert)
14 January 2014
By purchasing a building school is not attracting any tax liability. Since the building is being purchased in the name of the Secretary, he himself will be liable for the Capital Gains Tax.
.
If the near future can be defined in terms of months, tax saving measures may be discussed.
.
If the near future can be defined in terms of months, tax saving measures may be discussed.
Manish Kumar Joshi
(Querist)
14 January 2014
Near future will be around 24 to 30 months.Is there any restriction on giving loan to secretory ?School is a small private school.
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