Purchase of Old car by a pvt ltd co. from its employee
This query is : Resolved
31 October 2008
URGENT
I am in a pvt ltd company. one of our employee wants to sell his old car to our company. What are the steps to be taken so far as tax implications are concerned, for both employer & employee?
I am in a pvt ltd company. one of our employee wants to sell his old car to our company. What are the steps to be taken so far as tax implications are concerned, for both employer & employee?
31 October 2008
There will certainly be tax implications on sale of car. But without knowing the figures, whether depreciation has been claimed by employee etc., how do we answer?
31 October 2008
URGENT
Employee is a salaried one & he has not claimed any depreciation. Car (Santro- 3/4 years old) is being intended to be sold at Rs. 100000/-
Since this is a employee & employer relation, does any valuation needs also there?
Employee is a salaried one & he has not claimed any depreciation. Car (Santro- 3/4 years old) is being intended to be sold at Rs. 100000/-
Since this is a employee & employer relation, does any valuation needs also there?
31 October 2008
As the sale value is lower than cost no capital gain for employee. The purchase price will be cost to the company.
No Valuation requirement.
No Valuation requirement.
31 October 2008
sorry one more question:
can the employee claim the capital loss in his ITR??
can the employee claim the capital loss in his ITR??
31 October 2008
NO he can not.
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