Purchase house from mother from bowred fundes

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2015 I WANT TO PURCHASE HOUSE ON MARKET RATE FROM MY MOTHER.BY BANK PAYMENT
THE REQUIRED FUNDS ARE BOWRED FROM FRIENDS BY CHEQUE AT MARKET RATE
CAN I CLAIM INTEREST PAID U/S 24 (1) TO FRIENDS
CAN MY MOTHER CONSTRUST ANOTHER HOUSE BY THESE FUNDS BY CLAIMING U/S 54
ER ADITI

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

19 December 2015 yes to both questions. However, please note if the borrowings are from friends, then you won't be able to claim deduction under section 80C for principal repayment

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2015 thankes i have not any requirment u/s 80c, as save sufishant fundes in my ppf
you have remove my long hadic
i think problem of famely transaction if dept has any mis consept at a later date

Upgrade to CAclubindia Pro. Subscribe Now!

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

19 December 2015 at market rates, there is no problem....