Selling of car in lease period
6 months ago
"I have taken a company car lease, and the car is registered in my name. The car lease is for 3 years. I would like to sell this car but not close the lease. The leasing EMI is helping me save on income tax. Since I am the owner of the car (RC is in my name), can I sell the car and invest that money somewhere?"
A.Dear Client,
To dispose of a leasehold property either movable or immovable mandatorily requires Lessor consent or approval. In the absence of that NOC from Lessor, you may have legal consequences in case you sell out the leasehold vehicle both from the end of Lessor and I T Authority.
To dispose of a leasehold property either movable or immovable mandatorily requires Lessor consent or approval. In the absence of that NOC from Lessor, you may have legal consequences in case you sell out the leasehold vehicle both from the end of Lessor and I T Authority.
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A.Dear
In a typical car lease agreement, the ownership of the vehicle remains with the leasing company, and you're essentially renting the car for the lease period. This means that, legally, you do not own the car, even if the registration certificate (RC) is in your name. Therefore, selling the car without the knowledge and consent of the leasing company could lead to legal and financial complications.
Regards
In a typical car lease agreement, the ownership of the vehicle remains with the leasing company, and you're essentially renting the car for the lease period. This means that, legally, you do not own the car, even if the registration certificate (RC) is in your name. Therefore, selling the car without the knowledge and consent of the leasing company could lead to legal and financial complications.
Regards
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