Re: Renault's Kwid entry level hatchback unveiled EDIT: Now launched at Rs. 2.57 lakhs! Mod Note: Our Kwid Report has been taken live at this link. Please continue the discussion over on the new thread. Thanks! Quote:
Originally Posted by chandra1
Regarding the all cash payment, aren't any income tax issues involved? I heard that if the payment is more than the annual taxable income mentioned in your latest return you might be under scanner. |
I too have heard this, but the version narrated to me was, if you go to a higher segment car, say Swift the cash payment should be less. It can be either loan or exchange to cover the remaining.
But as far as you are doing things right, you have nothing to fear.
You need not go for a loan just because some bank guy or showroom guy gives such statements.
If you are doubtful please get an expert opinion from a tax advisor about arranging funds on your own.
Last edited by GTO : 14th October 2015 at 10:41.
Reason: Linking to Review
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