We wish to buy car for father in his name. What options do we have in terms of mankign sure that we are on the right side from taxation purposes
- Should I transfer 5 lakhs for car in his account and he buys the car? OR
- Should I transfer 5 lakhs to the dealer but get the car registered in his name with his PAN details and other details?
Would I, his son, need to have a deed signed?
How would both of us have to show this in the ITR?
Should I be transfering 5 lakh in one go or have to split it into multiple transactions or it does not matter?
CAclubindia
