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Car purchase

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(Querist)
15 January 2012 please help

my children are nri,i would like to gift them Rs20 lakhs towards the purchase of a car here in mumbai, should i make payment to my daughter or directly to the dealer.

yourr kind advice would be appreciated.
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CA CS PRASHANT

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CA CS PRASHANT (Expert)
15 January 2012 Anyway whether you are giving to your children or dealer it will be treated as gift only.

Because you are giving the money to dealer for the purchase of car.
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O.D.SHARMA

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O.D.SHARMA (Expert)
15 January 2012 Dear Ferreira,
Pay to dealer & gift car to kids is better .
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CA CS PRASHANT

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CA CS PRASHANT (Expert)
15 January 2012 By doing this what benefits can be got and whether we can skip the income tax liability under section 56(2)(vi)
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