What will be the treatment under Income Tax when a car is purchased in the name of one's wife and the repayment is done by the husband. Whether the asset can be shown under his Balance Sheet?
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Car purchased in the name of wife and the repayment is done by husband. treatment under i.tax?
Replies (4)
No, since asset is in name of wife so it will be shown in her balancesheet however you can show her as your debtor if you wish so in your balancesheet
you can show the car as introduction of capital into the business and then claim deduction towards interest/depreciation
No Giridhar he cant do that since ownership is in name of wife. If he introduces as capital it will deemed as gift from wife for which gift deed will be required and thereafter he can show it as his asset and claim interest expense and depreciation
yes ruchika gift deed will be required after which only he can claim tax benefits
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