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pranob ganguli (Assistant Company Secretary)     06 May 2015

Purchase of property in the name of company

Director purchased a property in the name of the Company few years back now the  after been the property sold the purchased consideration has been given in the name of the company, now the Director wants the  purchase consideration that the Company had received by way of sale of the property. How can the Director get it the same.. 



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 1 Replies

bsrao   08 May 2015

The Director cannot. I am sure the durector must be having a controlling stake in the company to make such things happen. Remind him - DEEMED DIVIDEND U/s 2(22)(e) OF THE INCOME TAX ACT, 1961. 


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