Clarification regarding benami property
Arjun (citizen) (34 Points)
10 January 2017Arjun (citizen) (34 Points)
10 January 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177020 Points)
Replied 10 January 2017
Why both of you do not transfer your capital from your accounts to your mother's account (can be loan/gift) by banking channel; and then purchase the property through cheques/DD etc. drawn on your mother's account itself?
Arjun
(citizen)
(34 Points)
Replied 11 January 2017
Dear Sir,
thanks for reply. the reason why we didn't transfer amount to mother's account is, we thought if there's any scrutiny in future, they may ask, source of income for my mother.
Are there any tax implications if we gift amount to my mother ? do we need to do notary document for such gift or simple NEFT/Cheque transfer is ok ?
T&R,
Arjun
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177020 Points)
Replied 11 January 2017
A gift deed on plain paper with two witnessess along with transfer by cheque/NEFT (duly mentioned in deed) is sufficient.
That is the source of the capital for mother. For you and your father, I think, it is quite explainable.
Arjun
(citizen)
(34 Points)
Replied 12 January 2017
Dear Sir,
thanks a lot for answer. it is clear & we'll do as per your advice.
T&R,
Arjun
Abhinav
(CA)
(397 Points)
Replied 01 February 2017
Perfectly explained by Mr. Rambhia. I will add following points:
Thanks!
Arjun
(citizen)
(34 Points)
Replied 09 February 2017
Dear Sir, thanks a lot for answer. we'll do as per your advice. T&R, Arjun
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