Land purchase in the name of director

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2014 Can a private limited company purchase land in the name of director with intention to use for company business purpose only?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 November 2014 what is the benefit of doing so...infact co shall loose depreciation

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2014 Stamp duty is lower if purchase in individual name.

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shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
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01 December 2014 The Asset should be in the name of company, not in the name of Director.Director can represent in the capacity of Director only.
Company is different and Director as Individual is different. Think of the consequences, in the case of death of the Director after the land is registered in the name of the Director. The Company can not answer the shareholders.
Clarity on the reply of Mr.Tushar: Land will not have depreciation.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 land i think will not be kept plain so its obvious that a building shall be made on it and depn was int relation to building.