Luxury motor car

This query is : Resolved

SUBHASH JAIN (Querist)
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09 November 2012 Dear all ,

Very very happy Diwali to all Members of CA Clubindia.

Here I would like to know that if any person buy luxury car then , does motor company send the detail of buyer to Income tax department?

Thanks in anticipation

Subhash Jain

naresh

naresh (Expert)
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09 November 2012 No , I dont think so there is any Statutory Requirement as such.
However the bank is required to submit Annual Information Report to the department where any transaction in excess of a specified amount is required to be reported