Purchase of house - tax liability
This query is : Resolved
16 February 2013
My uncle wants to purchase a house for Rs 22 lacs. He has Rs 12 lakhs in a bank and want to paid remaining Rs 10 lakh in cash which is unaccounted. Can he do so?
His wife has a jewellery which can be sold for Rs 10 lakhs. Can he paid the said money for purchase of the house. Is there any cap gain tax liablility on it?
Or can he borrow Rs 10 lakhs as unsecured loan from his relatives?
Or is there any othe way?
Pls advise.
His wife has a jewellery which can be sold for Rs 10 lakhs. Can he paid the said money for purchase of the house. Is there any cap gain tax liablility on it?
Or can he borrow Rs 10 lakhs as unsecured loan from his relatives?
Or is there any othe way?
Pls advise.
16 February 2013
what you meant by Unaccounted money ??
its not in his balance sheet being personal money or what ??
its not in his balance sheet being personal money or what ??
17 February 2013
He can sell the jewellery of his wife and pay capital gain ta. Later the money can be taken either as gift or loan.
He can take loan from friends or relative through cheques.
He can take loan from friends or relative through cheques.
Message likes :
1 times
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Import license renewal
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- 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
Trending Online Classes
CAclubindia
