Payment of flat by family
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2015
Hello Sir/Mada,
I and my brother recently purchased a flat on under construction building for a consideration of Rs:15,20,650/- jointly.
Payment of the above were made as follows:
1.Rs:2,51,500/- from my 1st Sister A/c directly to builder A/c.
2.Rs:2,55,500/- from my 2nd Sister A/c directly to builder A/c.
3.Rs:6,01,650/- from my Mother's A/c directly to builder A/c.
4. remaining from our A/c.
So, i want to ask that the payment made by our sisters & mother is taxable for us?
if Yes, how should we do it.
Thank You.
I and my brother recently purchased a flat on under construction building for a consideration of Rs:15,20,650/- jointly.
Payment of the above were made as follows:
1.Rs:2,51,500/- from my 1st Sister A/c directly to builder A/c.
2.Rs:2,55,500/- from my 2nd Sister A/c directly to builder A/c.
3.Rs:6,01,650/- from my Mother's A/c directly to builder A/c.
4. remaining from our A/c.
So, i want to ask that the payment made by our sisters & mother is taxable for us?
if Yes, how should we do it.
Thank You.
16 June 2015
Payments from sisters and mother's account may be treated as gift. Gift from relatives is exempt therefore it will be exempt. It will be better to execute a gift deed in favour of both brothers and it may also be mentioned in the gift deed that the gifted amount will be paid directly to the builder's account.
Message likes :
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17 June 2015
Dear if you do not want to execute gift deed then you can show the amount paid by sis & mom as loan in your personal balance sheet.
As getting gift deed registered seems a good option orally in practice it take lot of time & money.
As getting gift deed registered seems a good option orally in practice it take lot of time & money.
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