leasing

Dear Sir,

This thread relates to a similar discussion-

/forum/valuation-of-pequisites-for-car-lease-62904.asp

Dear Sir,

I got your answer for the tax implication from the above . but i need to know the answer to the below mentioned point of mine :

1. Is it possible for an employee of a company to lease out his car ( purchased  by him through loan provided by the company)  to the company ?

2. Ownership of the car will remain with the employee.

3.Should there be a seperate agreement with the employee ? what should be the mode of agreement ?

2. Will the entries be the same as is generally done for leasing  transaction?.

3. The company will pay lease rental or the like  to the employee.

4. Will Lease Rental will be allowed in the books of the company.

Please reply point wise

Regards

IYER