1)Can i make the payment on behalf of my wife for buying a car.
2)Kindly share the section.
3)Also, please share the consequences, if i am taking loan on my name and making the payment.
4)we are self employed coverd u/s 44AD and car will be used for business and personal use.
Thank you in advance
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Payment on behalf of wife
Replies (1)
Yes, it is possible for a vehicle loan to be in one person's name while the vehicle registration is in another person's name.
Most banks have the policy of keeping the registered owner as the first applicant for the loan and any other party can be the co applicant.
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