khushboo (CS) (234 Points)
16 June 2010Hellow.....
can a company purchase immovable property in the name of one its Director?
the following are contents -
Payment by Company -
property will be showing in the Balance sheet of the Company and claiming depreciation
Registration of property in the name of Director to save stamp duty
No rent agreement is made and paid by company
kindly discuss the issue
Ashish Gupta
(CS & Legal)
(114 Points)
Replied 16 June 2010
I dont think that the Company can purchase the propertyin name of its Director. For claiming depreciation, property has to be registerd in its own name.
Other views solicited.
Regards,
Ashish
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