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 :
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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?
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