Income Tax implication (India) on buying cars costing more than Rs. 5 lakhs ?

Question

Income Tax implication (in India) on buying cars costing more than Rs. 5 lakhs ? is it better to take vehicle loan or pay cash (fully/partially)? I am a salarioed employee.

Answer 1

it better to take it on a loan ...even if u r able to pay in lumpsum of cash....don't register 2 cars for the same person....or contact CA for some tax saving tips...