GIFTING A CAR OR SALE OF CAR
This query is : Resolved
23 March 2023
MY HUSBAND HAS PURCHASED A CAR IN HIS NAME AND NOW WANTS TO GIVE THIS CAR TO HIS DAD.WHICH IS A BETTER WAY TO SHOW SALE OF CAR OR GIFTING THE CAR TO HIS FATHER .CAR IS 10 YEAR OLD
23 March 2023
Depends upon your need/wish. Gifting of car is non-taxable. In case sold, the amount received over and above its WDV will be taxable. No tax if it's not a business asset.
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