Car buy

Hi,

You can get the money from father as a gift.

Gift from relatives are exempt under section 56 of income tax act. So, there would be no tax liability on you. 

You just need to show the same as a gift under the head exempt income while filling ITR

However, it is advisable to receive the money through bank channel.

Also, if the amount is huge, prepare the gift deed for the same.

We may assist you in drafting gift deed as well as in filing ITR.

Hi

You can show it as a gift. You can file ITR and show it as exempt income. No tax shall be levied.

Also, prepare a gift deed or notarized document for such transaction of gift for proof.

You can show amount as gift received from father and can buy the car from that amount 

Hii 

min above transaction notice depends on value of car 

and after getting notice you can reply this is gift from father to son ( this gift is from your father tax paid income and declared in his ITR)

for safer side make a gift deed for above transaction 

It's just a gift by your father to you.

If it's above 10 lakh car company would collect tcs Android app you might get notice so just prepare a gift deed of such amount received.

No tax would be required to be paid.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Hello,

Gift from relative as per income tax law, is exempt from income tax. You can freely receive money from your father and buy the car. Your Father need to make a gift deed for the money transferred. The Gift deed and receipt of money through banking channel should be maintained for future reference, if any.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

If the money received from your Father is tax paid, then no issues. Gift from father is exempt from Income Tax