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Old 9th October 2013, 16:29   #1
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Default Legally, how many vehicles can an individual own?

I did a bit of searching and did not find anything relevant to this topic. So thought of posting it as a new thread

"How many vehicles can an individual own?" (from legality perspective)

If there is a distinction between Salaried individuals and business individuals - inputs welcome too.

Mods: If there is a relevant thread - Please merge into the same.

Thanks.
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Old 9th October 2013, 16:53   #2
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Default re: Legally, how many vehicles can an individual own?

IMO, there should not be any restriction on number of vehicles owned.

A business like cab company or cargo company will definitely have hundreds owned. Municipal transports/corporations will have a sizeable number as well.

However, I believe Andhra Pradesh has some rule around a higher registration charge in case there are other vehicles owned.

On a different note, what would be the reason to prevent this, if a rule does exist? With a practically non-existent central way of tracking, there will not be any way to track.

UID - anyone ?!!!
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Old 9th October 2013, 16:54   #3
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Default re: Legally, how many vehicles can an individual own?

Right now i don't think there are any restriction on number of vehicle an individual can have, as long as the individual can provide legal source of income for purchasing them There was a proposal sometime back to restrict numbers, more from parking perspective etc, don't know what happened to it.
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Old 9th October 2013, 17:59   #4
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Default re: Legally, how many vehicles can an individual own?

Quote:
Originally Posted by Shubz View Post
"How many vehicles can an individual own?" (from legality perspective)
Not exactly a restriction, but a little bit of tax planning tip from the wealth tax angle:

Legally, how many vehicles can an individual own?-capture.png

Source: http://www.business-standard.com/art...1800005_1.html

The above would apply in case of vehicles that are not used for business or profession. If the vehicle is used for business or profession, then the asset is exempt from wealth tax.

The idea behind wealth tax is to avoid people from keeping their assets idle.

Last edited by Warwithwheels : 9th October 2013 at 18:02.
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Old 9th October 2013, 19:17   #5
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Default Re: Legally, how many vehicles can an individual own?

Quote:
Originally Posted by mmxylorider View Post
IMO, there should not be any restriction on number of vehicles owned.

A business like cab company or cargo company will definitely have hundreds owned. Municipal transports/corporations will have a sizeable number as well.

However, I believe Andhra Pradesh has some rule around a higher registration charge in case there are other vehicles owned.

On a different note, what would be the reason to prevent this, if a rule does exist? With a practically non-existent central way of tracking, there will not be any way to track.

UID - anyone ?!!!
I was talking from an individual perspective. I agree if an individual has a fleet of vehicles and uses it for commercial purposes without declaring it.

And with every purchase of a vehicle, I think they take a copy of your PAN card? No?

Quote:
Originally Posted by Jaggu View Post
Right now i don't think there are any restriction on number of vehicle an individual can have, as long as the individual can provide legal source of income for purchasing them There was a proposal sometime back to restrict numbers, more from parking perspective etc, don't know what happened to it.
I hope they don't come up with some unrealistic numbers like 2 per individual. Darn!

Yeah Jaggu - I have only one source of income and legal one too. I pay tax by the bushels (as we all do) :'(
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Old 9th October 2013, 20:38   #6
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Default Re: Legally, how many vehicles can an individual own?

An individual can own "n" number of motor vehicles. He should only take care that the law enforcement agencies should not reach his or house to hunt for tax evasion or disproportionate assets.

That is pay all taxes and abide by the law of the land and then own as many motor vehicles.
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Old 9th October 2013, 22:34   #7
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Default Re: Legally, how many vehicles can an individual own?

Quote:
Originally Posted by anjan_c2007 View Post
An individual can own "n" number of motor vehicles. He should only take care that the law enforcement agencies should not reach his or house to hunt for tax evasion or disproportionate assets.

That is pay all taxes and abide by the law of the land and then own as many motor vehicles.
Thanks for the inputs Anjan sir. Thats the last thing I want - law enforcement agencies hounding me for anything of that sort.

I am buying this out of my legally earned resources and didn't want to needlessly get into any of this as I would soon be going for the 4th vehicle in my name. (two of 4 wheels and 1 of 2 wheels already in)
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Old 9th October 2013, 22:42   #8
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Default Re: Legally, how many vehicles can an individual own?

Such restrictions will cause only further harassment. We live in country where people who buy your car don't even bother transferring the RC to their name. Therefore, if I sell couple cars, they would still be in my name. I can't buy another since I have already hit my limit of 2 cars.
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Old 10th October 2013, 00:31   #9
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Default Re: Legally, how many vehicles can an individual own?

Quote:
Originally Posted by mmxylorider View Post
However, I believe Andhra Pradesh has some rule around a higher registration charge in case there are other vehicles owned.
This is right. A friend of mine had to pay 5% ex-showroom price as a tax while registering second motor cycle in Hyd. He had sold his older bike but the RC transfer wasn't done before the purchase of new bike.

Had he transferred the older bike and then purchased a new one, he could have saved that extra tax. Meaning, a person should have only one bike and/or one car at any given time. This is ridiculous. Even if a person owns multiple vehicles, apparently he cannot drive/ride both at the same. I fail to understand the logic behind this, unless it is only another way of looting.
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Old 10th October 2013, 18:23   #10
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Default Re: Legally, how many vehicles can an individual own?

Quote:
Originally Posted by Farukh View Post
This is right. A friend of mine had to pay 5% ex-showroom price as a tax while registering second motor cycle in Hyd. He had sold his older bike but the RC transfer wasn't done before the purchase of new bike.

Had he transferred the older bike and then purchased a new one, he could have saved that extra tax. Meaning, a person should have only one bike and/or one car at any given time. This is ridiculous. Even if a person owns multiple vehicles, apparently he cannot drive/ride both at the same. I fail to understand the logic behind this, unless it is only another way of looting.
At least in KA, I don't think they ask "Do you have any other vehicle?" at the time of buying a new one.
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Old 10th October 2013, 22:17   #11
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Default Re: Legally, how many vehicles can an individual own?

They need pan card details only if the vehicle costs above 5lac in Kerala ( and I think this was recently added).
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Old 11th October 2013, 04:43   #12
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Default Re: Legally, how many vehicles can an individual own?

Eeks !! Luckily, there is no such limit !!

You can own a car even if you don't have a PAN card.

I know of somebody who own 2 cars and did not have a PAN card when they were bought.

If ever such a ridiculous limit is set we will buy one on the name of each family member !! Easiest way out in India.

Apart from wealth tax declaration, number of private vehicles owned by an individual does not matter.

Regards,
Saurav
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