Buying secand hand car

ITR 311 views 1 replies

Pratima

ACCOUNT

78 Points Joined September 2012

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 ??

Replies (1)

CA Mehul Chudasama

Chartered Accountant

618 Points Joined February 2015

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