Question ID : 21031
Sec.36) (1) (viii) Reserve created by a Housing Finance Company
A NBFC in housing finance sector is creating reserve as stipulated by sec.36(1)(viii) and claiming deduction under that section all the years. It is transferring its business in current year to another NBFC. Should the reserve created under sec.36 (1)(viii) be withdrawn and offered for tax in the same year?. Or, can it be offered for tax in subsequent years because the company is continuing to exist though the business is transferred to another company.
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