If the company takes the vehicle on rent from the relative of the employee.
What would be tax implications in the hands of the company and employee?
Is it mandatory that the relative must be in a leasing business?
and if he has only one vehicle and that too given to the relative. Whether it will be taxed as an income of the employee??
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Vehicle taken on rent from relative of the employee
Replies (2)
I dont think so there will be any tax implications in hands of employees.
it is not mandatory for relative to have leasing business.
it is irrelevant that relative having one or more vehicles.
pls let me correct.
it is not mandatory for relative to have leasing business.
it is irrelevant that relative having one or more vehicles.
pls let me correct.
Thanks for the reply.
Is there any case law, notification or circular supporting the above view??
Is there any case law, notification or circular supporting the above view??
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