One Reply to “I want to buy a car by making downpayment of 5lakhs from my salary account. Will I get any Income Tax problem?”

  1. I do not think any problem if you purchase a car by making a down payment of Rs 5 lacs or otherwise. Actually you must be care ful about following things only. Actually income tax problems arises when there is any shortfall in respect of following points.
    1- The amount which you are going to use for down payment must be earned by known soucces of income and return for those inccome already filed.
    2- The account from which you are supposed to withdraw downpayment must not have any deposited amount which is liable to tax but not included by you while filling your return of income.
    3- The account from which you are supposed to withdraw downpayment must not have cash deposit which you ontained as loan from your friends and relatives.
    4- The account from which you are supposed to withdraw downpayment must not have any amount withdrawn for any investment purpose and some income earned from those investment which is liable to tax but not incuded when filling your income tax return

    If you are careful about above thing, please go ahead, there is no problem. You have full liberty either to buy car from cash down payment or from loan





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