Cash purchase of car
This query is : Resolved
Yoginder Patel
(Querist)
03 October 2016
Sir i have purchased a car in cash valuing rs 12 lacs now have got a notice from IT dept regarding selection of my case for limited scrutiny. Please help me out this situation...
Sandeep Dharar
(Expert)
04 October 2016
Dude, how can one purchase assets work Rs. 12 lakhs in cash?? Cash expenditure in excess of 20K is fully disallowed by Income Tax. Now you must have to show the source of funds, to Income Tax Dept. There are many more complications which u need to fulfill.
05 October 2016
You need to disclose the source of income from where you have earned 12 lacs. Further, if the amount was paid in cash TCS (Tax collected at Source) should have been deducted.
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