Hello Everyone,
I want to gift a friend of mine a car worth 16L. What would the tax implications be? Do I buy the car and then gift (transfer in their name)? Would I have to show purchase of car in my income tax filing?
JerryRigged (Student) (21 Points)
24 January 2023Hello Everyone,
I want to gift a friend of mine a car worth 16L. What would the tax implications be? Do I buy the car and then gift (transfer in their name)? Would I have to show purchase of car in my income tax filing?
Prashant Daga
(194 Points)
Replied 24 January 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171196 Points)
Replied 24 January 2023
Purchase the car in your name & gift it to your friend, its tax free gift.
Abinash Panda
(80 Points)
Replied 25 January 2023
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)