07 February 2023
Mr A and Mrs A are husband and wife. Mr A and Mrs A purchased a house property in February for Rs 50 Lakhs. Rs 20 Lakhs were paid by Mr A from his bank account to seller, property dealer, stamp duty etc. Mrs A sold some shares in June for Rs 50 Lakhs. She repaid Rs 21 Lakhs to Mr A along with reasonable rate of interest (considering his initial contribution as loan). Query Can the funding / payments done by Mr A on behalf of Mrs A for the purchase of house property fall under section 269SS. All the payments by Mr A were done thru proper banking channels on behalf of Mrs A and later refunded through her Bank Account to Mr A bank account along with interest.
CAclubindia
