Purchased a new car in the name of wife. Price paid from husband's bank account (white money only). Can wife claim refund of TCS deducted, reflected in her AIS.
Purchased a new car in the name of wife. Price paid from husband's bank account (white money only). Can wife claim refund of TCS deducted, reflected in her AIS.
The TCS (Tax Collected at Source) is reflected in her AIS (Annual Information Statement) and the car is registered in her name.
Even though the payment was made from the husband's bank account, the beneficial owner of the asset (car) is the wife, and TCS has been reported under her PAN. That makes her eligible to claim the TCS in her ITR.
Thank you so much sir
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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