Car gift to wife
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2014
Mr.X(Husband)in his book of A/c.take a Car and after 5 years paying full loan.Can He gift car to wife (Transfer necessary paper)only for book entry?
Rupesh Jain
(Expert)
19 December 2014
if he have car in business then he have to show as sale and then tfr the car.
or debit his capital a/c with wdv of car then tfr the car in his wife name.
or debit his capital a/c with wdv of car then tfr the car in his wife name.
19 December 2014
if for business owned car then u have to draft as sale only else it dept will trap u
CA R SEETHARAMAN
(Expert)
19 December 2014
He can gift the car, transfer in RC is required.
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