Purchasing car in cash

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2014 Dear all, My friend is a salaried person. He needs to buy a car out of his savings. The total cost is Rs. 500000 (approx) he has Rs. 250000 as savings and the balance his brother would share. His brother is also a salaried employee and A NRI for this particular FY. CAn anyone please help me with any tax implication, if any. Like would it be like coming into IT's knowledge,etc. or he can use his savings the way one want. ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 August 2014 the source of savings can be questioned.

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