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Income tax legislation for making payment above 10 lakhs by cash NRI


07-Aug-2023 (In Tax Law)
I am an NRI veteran , and I want to buy a car that costs 10.54laks is there any problem if I pay the complete amount by cash ? What are the income tax formalities or legislation I have to be careful of ?!
Answers (1)

Answer #1
783 votes
Hi, In this case, if you have accounted white money in your bank account, there may not be much tax and source related issues. Otherwise, availing a car loan is advisable to avoid further tax and source query complications. Sheejish PT Advocate, Ernakulam
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