Regarding decalre of vehicle in it returns

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2014 Dear sir,

One of my colleague having a vehicle in her wife name she is not having any income from work. Now he can declare that vehicle of his income tax return filing.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 January 2014 if the vehicle was bought through the income/resources owned by your colleague, then he should be considered the beneficial owner of the said vehicle and can include it in his balancesheet. Any future income from the said vehicle would be added to his income under clubbing provisions.

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