Sale of motor car to director
This query is : Resolved
jagrut parikh
(Querist)
09 October 2015
What Procedures should be followed in case of Motor Car (Assets) transfer to Director and amount of transfer adjusted against deposit held by Directors ?
CA. Chikkerur C R
(Expert)
09 October 2015
With regards to Income tax - It is reduction of Block of assets. With regards to company act- Pass board resolution. Amount is substantial - Go for EGM approval. Disclose it
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