Capital gain
This query is : Open
05 December 2011
The car is registered in the name of the director. However the car is being used by the Company and the purchase of car is also financed by the company.
Now during the sale of car, the capital gain will be taxed in whose hands?
a. Company or
b. Director
Kindly provide some supportings (For E.G. Case laws or sections)
Now during the sale of car, the capital gain will be taxed in whose hands?
a. Company or
b. Director
Kindly provide some supportings (For E.G. Case laws or sections)
Guest
Guest
(Expert)
06 December 2011
The Capital Gains arising therefrom will be charged in the Name of the Owner. It is inferred from your query that the Director is the Owner of the Car. Hence, Capital Gains will accrue to the Director.
Message likes :
1 times
14 December 2011
Thank you sir for your valuable response
The thing is that all the risks & rewards are used by the company. Also Depreciation on Car is claimed by the Company.
Also to claim depreciation it need not be necessary that the owner should be a registered owner.
So now capital gain will be taxed in whose hands?
The thing is that all the risks & rewards are used by the company. Also Depreciation on Car is claimed by the Company.
Also to claim depreciation it need not be necessary that the owner should be a registered owner.
So now capital gain will be taxed in whose hands?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
