Dear Sir,.M having Innova car in my own name yellow board. i have attached this car to an travel agent where he pays every month 50000 and deducts 1000 as TDS now my question is the actually car on my name but m taking and deposting money on my wife account and tds deduction is also her name so will it be ideal to do like this.
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Income tax
Replies (7)
You Can show it as if your wife has taken car on hire from you can providing it to others.
You can show the Income earned by this is of your wife.
But this may not hold good in front of an ITO, as Income he will club her income in your Income, as Car is in your Name.
It is treated as application income taxable in the hands of receiver..
From whose bank account was the payment for purchase of car made ???
How to avail credit of tds
This is how to go about.
Husband rents the car to the wife for say 25K. Wife pays 25K to you per month after deducting TDS @ 2% . Now Wife rents it to travel agent at 50K. Travel agent pays to wife 50K p.m after deducting TDS @ 2%.
So in the return of income of your wife, show that your wife is in the business of renting cars. I think this will be optimum solution. For any more support , you can call me @ 9820803593 or email at rajcdoshi @ gmail.com. REGARDS RAJ CHETAN DOSHI.
Other fellow members please correct me ifI am wrong
Raj Sir it is optimum solution.....!!!
Too good...
Raj Sir it is optimum solution.....!!!
Too good...
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