07 January 2020
i have taken a house loan of Rs 38lacs from a bank,of which Rs28lacs was paid directly to the builder by the bank while the rest(i.e. Rs10lacs) was paid to the builder through me(by transferring the amount of 10lacs to my savings account and the amount was paid by me to the builder). my query is whether I am liable to pay income tax on the amount of Rs10lacs?
07 January 2020
If you can prove , in case called upon by the IT department, the source of Rs. 10 lakhs with supporting documentary evidences, no need to pay tax.
CAclubindia
