Giving down the info to the best of my knowledge-
First of all, you or your cousin will have to pay duty on the car, no matter whose name the car is registered in.
More importantly, the Car shouldve been owned by the person who will bring it to India for atleast 6 months prior to shipping from the exit port(in this case - Dubai). Also considering its Dubai, the car would be LHD, in which case those imports are not allowed into the country anymore.
The person bringing the car to India should have help NRI status for atleast 3 years and will have to show proof that he is moving back to India, hence availing the Transfer Of Residence part on calculation for customs duty. The valuation of the car will be left to the customs officer....who valuates your car(tricky situation) because even if you show him a receipt of 12 lacs , he will check his book values and valuate the car accordingly.
If all that is cleared and the numerous other taxes are paid.....you can then proceed to register the car in the place of your choice.
Considering the car has come in under Transfer of Residence, it then cannot be sold to anybody for a period of atleast two years.
Good luck with the deal.
Cheers |