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Income tax

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(Querist)
08 July 2017 One of the clients has Income from Salary.He has purchased of Car above 10 Lakhs .Under which Head it has to be shown?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
09 July 2017 under no head. It is a personal expense. No disclosure required unless the annual income is more than Rs 50 lakhs. In case the income does exceed Rs 50 lakhs, disclose all assets including the car in the AL sheet of the ITR.

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