Car Purchases in Daughter Name

This query is : Resolved

Jacob Abraham (Querist)
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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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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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