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Want to purchase a car by paying 50% amount in cash to avoid tax
25-Oct-2023 (In Tax Law)
Please advice how much money we can pay in cash while purchasing a new car to avoid income tax queries?? My brother is in merchant navy and does not pay tax as he is a NRI.... The car price is 38 lakhs and we are thinking to pay nearby 20 lakh in cash,remaining via car loan. Will it be ok?
In case of NRI there is no issues in terms of income tax if you are purchasing any property or asset. But in that case you have to be very sure that you have already filed your returns where you have declared your income as a NRI. I hope it will help you. Please feel free to contact for any tax assistance.
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Adv. Patrika Gupta
Ghaziabad | 25+ Answers
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There is nothing to worry in paying amount in cash/cheque, however, make sure that you have declared this income in previous years. In case of your brother as he is an NRI - whether he has any income from India as the Income Tax Act? If yes, he should file return as NRI.
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Adv. Vishnu Kesarwani
Allahabad | 25+ Answers
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now its not much possible to hide from income tax. moreover as you would be taking car loan as well so the car price would be accounted and authorities will come to know about the transaction. we could help you out with saving on taxes by better management of your money
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