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Car gift to wife

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Querist : Anonymous

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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?
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Rupesh Jain

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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.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
19 December 2014 if for business owned car then u have to draft as sale only else it dept will trap u
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 December 2014 He can gift the car, transfer in RC is required.
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