Relocation & Transfer of ownership of Vehicle from Corporate to individual

Dear Sir

I would like to have your reply/suggesion on my specific problem. I.e. I have taken a Car under my Compnay Scheme. Under which a car was purchased in last September'2008,  in the name of company after paying life time corporate tax (i.e. 3 times individual tax) was paid in Mumbai.

Now I have to leave Mumbai for other state & I have to buy the car compulsory by paying WDV amount to Co.I am suggested 2 way by one broker listed below to get it transfer and claim the refund of Life Time Tax paid at Mumbai. Please suggest me suitable way or any other way .

1) I have to transfer the car in my name at Mumbai and then apply for NOC and Refund of Life time tax paid at Mumbai on prorata basis and Corporate rate refund.

or

2) I have to ask for ONLY NOC here at Mumbai in my name and THEN register it in other state. But Then How to claim refund of Tax paid at Mumbai.    

With regard

Arun Kumar

The first option - get the car transferred in your personal/individual name at Mumbai itself & seek an NOC in your name in favour of other state you are relocating at (you need to provide residential address/evidence thereof).  Refund of tax will take time - cumbersome job - it would be refunded to the Company.

Hi Pankaj,

So you mean that the refund of the tax will go the company even if the car is in the individual’s name once it has been transferred? I am in the similar situation and am thinking of transferring the car to my name and then applying for refund of road tax in Mumbai, and then re-registering the car in Gujarat.

Also, do you have any idea how much tax can I claim back if I have driven my car for almost 3 years in Mumbai? I paid close to 60,000 in tax initially when I bought the car under company name.

And do you know of any good RTO agent in Mumbai who can help me get the refund of my road tax?

Thanks in advance.

Rahul

I don't know what made me write in the above case that the tax will be refunded to company.

The tax will be refunded on pro-rata basis.  Registration & tax are valid for 15 years.

Sorry, I'm not aware of any agent in Mumbai.  Hope someone else is able to post some info.