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 ?!
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
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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