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Purchase transaction impact on income tax.

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(Querist)
30 April 2022 Hello,
My father in law sells his land. and purchased a new Car (Rs 12.lakh) on my name. He is a Head master in government school. this transaction impact on my Income tax return. My annual income in around 4 lakhs.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 April 2022 Show 12 lacs as gift from relative, father in law under exempt income schedule of your ITR.

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