Hello Sir/Madam,
I have a query related to Car leasing.
In my company we have car lease policy, where employee can lease a car which is registered in the name of my organization. I pay EMI for the car and claim income tax benefit on the EMI being paid. After the completion of car lease, i have to pay 20% of residual value to finish the lease. Post that, i can sell car directly to anyone. Sale proceed will come to my bank account.
What will be the income tax implication on the money received from the car sale. I am asking this question because it is difference than the car sale. In this case, the car is not registered in my name but it is registered in my company's name. I have NOC from company to sell it after paying residual amount of 20%.
Can you please help with this ?
Thank you,
Vinay
CAclubindia
