Mayuri Lal (officer CS) (748 Points)
14 July 20111. if we buy in personal name n
2. if we buy on companies name
What will be the benefit for us and the Company.
regards,
Mayuri Lal
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 14 July 2011
numerous factors have to be considered before reply viz purpose, quantam, state laws under land ceiling act,
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 14 July 2011
yes agree with U S sharma... for what u want to purchase, whats the purposes etc there are many things that matters...
Mihir
(Wealth Manager)
(5293 Points)
Replied 14 July 2011
Land for non-agricultural purpose can be purchased in the company's name provided M&AA permits.
Murugesh
(Professional)
(32 Points)
Replied 29 August 2011
Have a question related to buying a land in private limited company name.
Some facts about the company:
1. This is a new property development company and this is the first transaction happening in terms of financial transaction.
2. Company has a new bank account and new directors.
3. Company has a paid up capital of Rs 1 lakh.
Questions:
1. Lets say, the company is planning to buy a residential plot with a registered value of Rs 10 lakh. How should the money transaction for this land registration happen? Should the money be deposited in company's bank account and withdraw from that account?
2. If withdrawing from this account, can it be withdrawn using cash? Reason for this is the sellers of the land want the money by cash transaction.
3. What is source of money to company? i.e., who can fund the company for purchase of land? Can non-directors or non-shareholders fund money. If so, how to account them properly.
4. Is it possible to purchase this land without bringing the money into company's bank account and do a cash transaction? If so, how to account them properly.
Highly appreciate a knowledgeable CA to reply and Thanks in advance for your reply.
CAclubindia
