If an Employee buys the Car as per the company lease and Company paid the entire amount through cheque including taxes, VAT etc which was being deducted from the Employee salary on a monthly basis and spreaded across three years.
If the Employee wishes to leave the Company in the same financial year and the Car has to be transferred to the Employee name, could you please confirm if the Employee need to pay the VAT (or any other tax) again and if yes, on what amount?
CAclubindia
