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Residential property purchased by Company
Can company purchase residential property and then can give the same to Managing Director to reside without rent or take rent. what is the requirements for doing the same under company law and under income tax.
Replies (2)
Yes, it can be given to director, but he will be required to pay income tax for the residential facility given to him without any rent.
It will be RPT , unless it's under scheme imparted to senior mgmt or whole time directors of the company.And Yes it will be taxable in hands of Md Unless company pass resolution to beat tax expenses also..
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