KRISHAN KUMAR TYAGI
Corporate Hr Head
Best for Comapnies is to buy a car and allot it to its employee for official work. This way Company saves on depreciation and employee on taxes.
If Company does not want to buy it itself then best will be to ask employees family member (one who is not a tax payer) to buy it and then lease it to the Company. Company then can allot it back to the employee for official work.
You can go for either of the two alternatives.
Third alternative will be to take it on lease from outside and allot it to the employee.
19th February 2007 From India, Delhi
One way to tell or at least get some indication of how well you might fair when thinking of using a lease swap service is to see how long they've been in business and how much traffic the site receives.
Lease transfers have become extremely popular with the economic situation faced daily by everyone. That's why I suggest a site called:
-----> TakeMyPayments.com <------
Searching their database is free and contact between the seller and the buyer is confidential.
16th August 2009 From United States, La Puente
Buy car in individuals name and let the company pay the EMI for the same. This way the company can show all the expenses so related to the car as business expenses, and the company when takes the car in the name of individual employee, they need not pay higher corporate tax.
Also don't make the car part of employees CTC, thus after three years the company can sell the car and show depreciation in books of accounts.
I am not very good in Tax and finance, so kindly do verify above idea with Finance person before you even think of working on the above idea
16th August 2009 From India, Mumbai