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visha lranjan (Querist) 23 July 2013 This query is : Resolved
dear sirs,
i just passed my LLB and currently am not employed anywhere but i am planning to buy a car in my name.
as i did not file sufficient income tax returns i am unable to get a loan. given this kind of situation, what income tax problems i can face and what will be their remedy?

thanks & regards

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manoj joshi (Expert) 23 July 2013
u r a lawyer now no one can stop u from buying a car
just go n get it

malipeddi jaggarao (Expert) 24 July 2013
Since you are not earning as of now, what is the source for purchasing the car? If it is your parents money, they can gift it to you for purchase of car. No IT problems as you are not earning as of now. Since it is a car purchase, some times, the IT authorities may ask about the source for purchase. What exactly your apprehension?

Rajendra K Goyal (Expert) 24 July 2013
You are not filing your IT return. Generally there is no problem, in case you have to answer IT notice for explaining source of funds for purchase of car, you have to satisfy them. Better plan presently how to face this in case it arises.

Raj Kumar Makkad (Expert) 25 July 2013
Well advised by experts.

prabhakar singh (Expert) 25 July 2013
Do you have money in your bank a/c to buy a car;and
if yes!where from you got it?

If you have answer nothing would come as problem.

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