Finance for car
shanthi
(Querist) 17 June 2012
This query is : Resolved
If i take a car from my friend for usage purpose for some years then do i need to prepare some documents to show the expenses incurred on car during the period for which its in my custody and i am using it as my expense.
Kindly give me your advice
J K Agrawal
(Expert) 17 June 2012
Yes it is very risky. It may amount to use the car for hire and reward if you have no proof that you are using the car on bailment basis.
It also involves issue of legal liability before the Court in case of accident. Further the laws of Insurance are creating complications in this regard.
It is not a safe way to keep a car for you as well as your friend. But I prefer to buy a car instead of in my name, some others name. It has its own advantages.
ajay sethi
(Expert) 17 June 2012
better buy the car as advised by Mr agarwal if you are using car for number of years
R.K Nanda
(Expert) 17 June 2012
Buy ur own car.
Shonee Kapoor
(Expert) 17 June 2012
I endorse the views of my Ld. Friends.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
shanthi
(Querist) 17 June 2012
Thank you Sir for ur advice...
I had been adviced to draft power of attorney that states transfer of rights to use a car for some years.Is it valid??
As i m not planning to buy a car so whats the other alternative that can be done.
Kindly provide me with your suggestions.
