hello!!!!! we have proprietorship whole business of grains...we have to purchase a house of rs.25 lacs for residential purpose in my mothers name for which my father will give money to my mother...so whether to give as a gift or unsecured loan which is better? if we give loan the question of repayment arise...
4 Replies
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 14 October 2012
Hi!RUSHABH, Gift will be better because gifts recewived from relatives are exempt and clubbing provision will apply only when the said gifted Amt. or properrty is used for earning any income...since you want to purchase a house for residential purpose clubbing provisions doesn't bar any such purpose..
sivadas chettoor
(CA)
(2644 Points)
Replied 14 October 2012
If ur father gives gift it will not attract any tax.
deepali agarwal
(Company Secretary)
(1289 Points)
Replied 15 October 2012
Gift is better option as it is exempt from tax
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