CA Vaneet Khatri (partner) (50 Points)
21 July 2009a dealer receive sample/demo vechile from company. the company did not take any declration form neither issued any any invoice. However the company issued a debit note to the dealer.
Now the dealer sold the demo vechile. What will be the tax implication. The dealer did not paid any cst on it.
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 21 July 2009
Hi Amit ...
A person having right in property can only enters into rent agreement... So if son & wife are not the owner or not have any interest or right in property can not entres into agreement.
As per my opinion ---In the given case if father is owner of property, then rent is income of father & if it exceeds 120000 then u have to deduct TDS.
CA Vijay Kumar Gupta
(partner)
(1354 Points)
Replied 21 July 2009
yes, the same is liable to local vat/cst whatever applicable
CA Amit Goyal
(PARTNER)
(71 Points)
Replied 21 July 2009
I m fully agree with ur view too...
Can u pleae let me know if the property is name of both the person than what is the laibility of TDS.
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 21 July 2009
In case of joint ownership, rent share of each joint owner is considered seperatly.
If it exceeds 120000 then liable to TDS.
CAclubindia
