Borrowing from parents for a flat purchase
This query is : Resolved
19 January 2017
Hi All
Lets say i have income of 15L+ and for purchasing a flat i have borrowed 5 lakhs from my father and 5 lakhs from mother. both neft to my account. If so am i liable to pay tax for that amount. Will that come under my income. i want to pay this pack to my parents in future.
Is there any specific documents needed for this? should i say this somewhere in income tax filing?
Thanks in Advance.
Lets say i have income of 15L+ and for purchasing a flat i have borrowed 5 lakhs from my father and 5 lakhs from mother. both neft to my account. If so am i liable to pay tax for that amount. Will that come under my income. i want to pay this pack to my parents in future.
Is there any specific documents needed for this? should i say this somewhere in income tax filing?
Thanks in Advance.
20 January 2017
there is no income, you can show the borrowings in your statement of affairs as unsecured loans.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Disallowance of Section 43B(h) to sez units
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- GST Regis.
- Sale of property furniture sale
- Is correct way to find out capital of individual on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
