Purchase car in cash

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2013 hi
My client is purchasing a car in cash for personal use of value 4.5 lakh. is their
any implication of income tax?
Please suggest

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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30 August 2013 No u can purchase any fixed asset in cash. Under Rule 6DD. No problem at all.

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2013 sir actually he is utilisng the undisclosed
money of 4.5 lakh and the car is not to be used in business
Please tell the implication of the income tax

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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30 August 2013 then sorry....... i cant help .......

I Think all the undisclosed income will be taxed & tax to be paid with interest & penalty.

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