Taxability of sale proceeds of motor vehicles-urgent help
This query is : Resolved
07 December 2016
Mr.A transfer the right to use of his car to a firm by oral agreement.(but legal ownership is not passed).
He purchased this car by a bank loan and payment were made from his account even after such transfer.
The firm accounted it as Fixed assets and reimburses these loan payments to Mr.A
My question is that whether these receipts are taxable to Mr.A? because there is no documents to explain the assignment of car.
What are the documents to be kept by accounts dept. and by Mr.A in this regards? Help me It is my real situation.
He purchased this car by a bank loan and payment were made from his account even after such transfer.
The firm accounted it as Fixed assets and reimburses these loan payments to Mr.A
My question is that whether these receipts are taxable to Mr.A? because there is no documents to explain the assignment of car.
What are the documents to be kept by accounts dept. and by Mr.A in this regards? Help me It is my real situation.
07 December 2016
Execute a sale agreement in stamp paper say Rs.100, so that the receipt can be accounted as part payment of sale price.
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