Transfer of property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 February 2010 My director wants to tranfer his personal property in the name of company through power of attorney whether in this way capital gains will arise and can company capitalised this property in their books.Pls advice is there any way to save capital gains in this way but note one thing that consideration is required from company to director. pls suggest any way to save capital gains

Maninder Jain

Maninder Jain (Expert)
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16 February 2010 Lets say the Cost of acquisition of property is 100 & now the market value is 1000.
Transfer the property at 100 & pay director 100.

For the rest 900, fully paid bonus shares can be issued to Director

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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18 February 2010 but bonus shares are to be issued to all shareholders not only the concerned director