Hello,
I buying secand hand car Rs. 5,00,000/ i have salary person. Mu dad paid the car value not me by chque but car is registration on my name. Purchase car for my personal use only.
i have show the car purchase in ITR.If it is show than where i can show.i filled ITR1.
plz help me what should to do ??
You don't have to Show Car In the Income Tax Return Filing but if you are maintaining accounting and preparing your own balance sheet then shown in Fixed Asset and whatever EMI your father is paying on behalf of you shown as unsecured loan in liability side
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