Hi all
Can any one solve this query ?
Mr. X is a director of the XYZ Company.
Mr. X has purchased car on loan installment from ABC Company.
Now XYZ company is ready to pay rent to Mr. X for car, as Mr. X is using car XYZcompany's work purpose.
Everymonth Mr.X is paying installment of rs. 10600 to ABC Company.
N Every month XYZ Compnay paying Rent rs. 10600 to Mr.X.
Now is it possible to make agreement such way that XYZ company directly pay rent to ABC company & by this way no income comes in hand of Mr. X.
N Mr.X's will be not lible to pay income tax on Car Rent.