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Tax liability on gift of immovable property by company to directors
08-May-2023 (In Tax Law)
Is it possible for a company (pvt ltd) to gift immovable property ( residential) to its directors. What will be the tax impact of the same, both, on the company as well as on the said directors.
It seems that your query is related to direct tax i.e. Income Tax. unfortunately, i am not practicing in Direct Taxes. therefore, you are requested to contact the concern person through Lawrato once again.
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Adv. Vidyadhar Apte
Pune | 25+ Answers
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To answer your question a lot needs to be checked like the the company articles of association, Carlie of property and the percentage there of to the total sheets of the company, shareholding pattern and related party transactions.
As regards to tax aspect the director will be liable to pay income tax on it.
Apart from this there will be considerable registration charges and stamp duty fees involved in the transaction.
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Adv. Samrat Chaudhari
Mumbai | 25+ Answers
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