Car purchase in cash
This query is : Resolved
PANKAJ PATIL
(Querist)
21 December 2012
I want to purchase a car in cash on my cousin's name. the on road cost is rs.725000 if i pay the amount in cash will there be any income tax liability on my cousin? will he have to show it while filing returns?
Amol S Joglekar
(Expert)
21 December 2012
Not really if your cousin is not claiming any depreciation on the CAR.
PANKAJ PATIL
(Querist)
21 December 2012
if his income is below 200000 and he has never filed returns are there any chances of scrutiny from the IT dept?
PANKAJ PATIL
(Querist)
21 December 2012
if his income is below 200000
and he has never filed returns
are there any chances of
scrutiny from the IT dept ?
and he has never filed returns
are there any chances of
scrutiny from the IT dept ?
Amol S Joglekar
(Expert)
21 December 2012
What is the status of DEPRECIATION?
PANKAJ PATIL
(Querist)
21 December 2012
he is not considering depreciation, as he would hardly use that car for 3 yrs.
Amol S Joglekar
(Expert)
21 December 2012
Chances are very LOW.
Message likes :
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PANKAJ PATIL
(Querist)
21 December 2012
Shall I go for Cash Purchase or for Finance?
Also if you don't mind can you share your contact details?
If possible share me your mail Id.
Thanks For your instant and expert advice.
Also if you don't mind can you share your contact details?
If possible share me your mail Id.
Thanks For your instant and expert advice.
Amol S Joglekar
(Expert)
25 December 2012
amolshankar@gmail.com
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