Money from father to buy house
This query is : Resolved
25 July 2010
Hi,
I got 5 L from my father to buy house.
How to show this money in income tax return filling?
If I want to show as loan from father,
do I need to create some documents?
Thanks.
-/Aryam.
I got 5 L from my father to buy house.
How to show this money in income tax return filling?
If I want to show as loan from father,
do I need to create some documents?
Thanks.
-/Aryam.
25 July 2010
First u will have to decide whether to show as loan or gift.
If gift then gift deed should be on a Rs. 100 stamp paper.
If loan then just take confirmation of accounts at the year end of the loan. This will suffice.
If gift then gift deed should be on a Rs. 100 stamp paper.
If loan then just take confirmation of accounts at the year end of the loan. This will suffice.
25 July 2010
both are different you have to choose if you will be returning that amount then its shown as loan otherwise if gift and do as per adityaji said.
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25 July 2010
no document is required bank statement is enough
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26 July 2010
so in return filling do I need to fill some column with this amount?
26 July 2010
If u are filing ITR - 4 then in balance sheet mention amount recd from father as unsecured loan. If gift then not to show.
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26 July 2010
Then no need to mention.
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