[aaykarbhavan] Company constructing factory building on a land of one director

 

Dear All

 A private Limited company is  constructing factory on  land owned by one of the director of the company. The cost of land in the hands of director is Rs 2.5 crore. The cost of construction of building there on for factory to be incurred by the company is 5 crores.

 

Does it have any implications

 

In the hands of the company in the companies act for disclosure etc  such as legal right of the company

In the hand sof the director in Income tax as it may be considered as transfer to the company

 

 

 

Prashant M Maharishi
B.com, F C A DISA (ICA)

M/s Maharishi & co Chartered AccountantsOffice :- Aparna, Behind Jeevandeep Hospital, Near Hotel Bansi, Opp Ganesh Appartment Limda Lane Jamnagar 361001 Gujarat Tel Office :- 0-91 -288- 2665023, 2665024 Fax :- +91288 2662637Tel : Resi:- 0-91- 288- 2540962Cellular : 09824039641Alternate email :-prashant@jainandmaharishi.com maharishiprashant@yahoo.co.in

  

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