if car is sold by employer to employee at Re.1 only then what is the way from which employee need not have to pay tax?
and if employee sold that car to another person then what will be tax implication?
3 Replies
Pankaj Arora
(Learner)
(3134 Points)
Replied 26 March 2011
I should not write here but all employers have some black money and he can gift you car by those black money … employer obliviously does not some proper income..
mostly at the time of selling car there is no profit arise but somehow if you get profit on sale of car than it will be taxable income…
CA Saiyum khan
(Practicing CA)
(690 Points)
Replied 26 March 2011
On purchase of car employee need not to pay tax.
However on the sale of that car STCG would be payable by the employee.
Pankaj Arora
(Learner)
(3134 Points)
Replied 26 March 2011
Mr. Khan could please clarify in which section it written that gift from employer to employee is not taxable?
Recent Topics
- GST registration -notice
- GSTIN Suspended Form GST Reg 17
- Request for GST Clarification regarding ITC
- Is Capital Gain exemption available for Property a
- EPF CONTRIBUION BY EMPLOYER
- Letter of credit -seller procedure
- Filling form 26 QB
- RPT AND ITC ISSUE
- Tax Liability and ITC Summary related Issues
- REQUIRED FORMAT FOR AMENDMENT TO PARTNERSHIP DEED
Related Threads
CAclubindia
