Transfer of property & tax implications

Tax planning 228 views 5 replies

Can you tell me if the private Limited company wants to sell a land(in the name of company) to the director. A Company can sell it or not?

what are implications?

Replies (5)

The private company being a closely held company can sold its land to other by way of passing a Board resolution. Further if the comany being a subsidiary of the public ltd then the provision of section 293(1)(a) of the Companies act has to be followed and in that case a special resolution has to be passed. To know its charge/ satisfaction of charge you can obtain the CIN of the company and inspect at the MCA site

tax will apply as per capital gain 

That's a weird answer & it's not even close to my question.

Is the land property of the Company?

Yes,obviosuly.

Please advice me the best option :

Problem: My cousin an NRI/POI is prepared to finance me around Rs.80 lacs for purchase of a flat. Which is the best method to get the remittance from USA.with least tax implication , stampduty and Regn charges.She is not a close relative as per law.

If you suggest it has a loan what would be the loan agreement form, rate of interest etc. It cannot be repaid within 3 years for sure.

 


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