Cool Aqua (Director) (60 Points)
27 November 2012Hi
Can the purchase agreement for purchase of immovable property (ownership of the property) be in the name of Promoter Director of the Pvt Ltd Co, when the consideration / payment for the transaction will be made from the company accounts to the builder. The property will be used by business activities of the pvt ltd co. Please advise.
Thank you.
CA Pintu Mishra
(Chartered Accountant- Industry)
(514 Points)
Replied 28 November 2012
No it cant be in the name of Director as the payment was made from company current account....if the directors had made payment for the property and company can use by paying rentals to the directors for using the property. third thing if the director wants to buy a property in his name when payments made by the company is not legal. In this case the director can not have property in his name.
CAclubindia
