WATCH: Steps to change ownership of a vehicle [VIDEO]
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WATCH: Steps to change ownership of a vehicle [VIDEO]
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Know the Law: Vehicle Ownership Transfer As per the Road Safety and Transport Regulations 2021, it is mandatory to transfer vehicle ownership within 15 days of sale. Key Points: 1. Ownership Transfer Deadline: o The seller must apply for ownership transfer within 15 days of the sale to ensure the vehicle is legally transferred in the name of the buyer. 2. Transfer Tax: o A 1% transfer tax applies, calculated on the current market value or initial purchase price (after depreciation). o Depreciati
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