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Money from father to buy house

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(Querist)
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.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
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.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
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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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
25 July 2010 no document is required bank statement is enough
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aryam

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aryam (Querist)
26 July 2010 so in return filling do I need to fill some column with this amount?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
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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aryam

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aryam (Querist)
26 July 2010 No, I will file ITR-1 or ITR 2
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
26 July 2010 Then no need to mention.
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