Purchase property
This query is : Resolved
15 May 2019
Respected Sir / Madam
I have a private school, which I have created a society by the registrar. Sir, I want to buy a property, and I am also making a loan, the loan will come in the account of the school, but want to get his registry done on his own name. Will it be income tax?
Thanks
Jaspal Singh
Respected Sir / Madam
I have a private school, which I have created a society by the registrar. Sir, I want to buy a property, and I am also making a loan, the loan will come in the account of the school, but want to get his registry done on his own name. Will it be income tax?
Thanks
Jaspal Singh
CA R SEETHARAMAN
(Expert)
15 May 2019
It will be treated as gift from society and tax payable on it. So buy the property in the name of the society.
CA R SEETHARAMAN
(Expert)
15 May 2019
You are the beneficiary so you have to pay tax.
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