Car Purchases in Daughter Name
This query is : Resolved
Jacob Abraham
(Querist)
03 November 2024
We plan to purchase one Saloon Car costing Rs. 9,90,000 for my daughter. Funds are transferred from me, my wife and her brother to her account and she is transferring the same to Indus Motors.
She is employed. We all are filing tax returns.
Are there any tax implications?
What precautions, if any, do we have to take and are there any documents to prepare?
We are not taking any loans.
Kindly advise
She is employed. We all are filing tax returns.
Are there any tax implications?
What precautions, if any, do we have to take and are there any documents to prepare?
We are not taking any loans.
Kindly advise
Dhirajlal Rambhia
(Expert)
03 November 2024
No tax liability as all are 'Relative' to her. Transfer the amount through banking channel, treating it as 'Gift'
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