tax implications in buying new luxury car
This query is : Resolved
Sasi varma
(Querist)
29 September 2016
hi... My client is planning to buy a luxury car. what would be his tax implications. will any information regarding payment for car go income tax dept through any source like AIR? whether he has to mention in his ITR about the car?
CA R SEETHARAMAN
(Expert)
29 September 2016
One percent tax will be collected at source for car purchases exceeding 10lacs. So the information will reach IT dept.
Sasi varma
(Querist)
29 September 2016
Thank u sir
Sandeep Dharar
(Expert)
24 October 2016
TCS will b applicable in ur case(if the amount exceeds Rs. 10L). Irrespective of the amount IT Dept. can track the details of the purchase, since u'll pay it from the Bank. So better to make the disclosure of the transaction.
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