1. I have to buy a car and want to buy one in my wife’s name who is a housewife. Would there be any problem?
2. Car value would be around 25 Lakh
3. Is there any problem if I pay from my saving (by cheque or account-to-account transfer to car dealer) and do not take any car loan?
I am a service class person and all money is my saving. Please suggest so that no Income Tax surprise notice I get in the future.
Thank you in advance.
I Don't think any problem will arise in the future, if you filled your & your wife's itr on time & showed all the details. There is nothing wrong with giving a car to your wife as a gift. Let's see what others answer .
Hi Narendra, thanks for your answer My wife is not working, she is a housewife and she doesn't file ITR also. would it be fine in that case too?
If TCS is deducted under your wife's PAN, how will you get it back?
| Originally posted by : Rajendra Kumar | ||
 |
Hi Narendra, thanks for your answer My wife is not working, she is a housewife and she doesn't file ITR also. would it be fine in that case too? |  |
Actually nobody will ask because you have shown a gift to your wife in your itr but i think it is better to file her itr also. Show Some income under not taxable & gift received from you so legally i think no question will rise in near future too .
What benefit you get if you purchase the car in your wife's name, and not your name?
Gowra Ventures Pvt Ltd
Hyderabad
CA
View Details
Arvindkumar Maniar & Co.
Rajkot
CA
View Details
Triveni Turbine Limited
Bengaluru
CA
View Details
CAclubindia
