Dear Sir/Mam,
First of all thank you to read my query. Please see the details of my query below:-
Actually I want to buy a House in New Delhi but I have only around 2 Lakhs in my Saving Account. The house cost is Rs. 30 lakh that I want to buy. With affection and love my Bhua and Chacha want to gift Rs.25 Lakh from their saving account in the form of Cheque by executing the gift deed. I want to get Rs.5 Lakh Loan also because I am a salaried person. With that money I want to buy the house in my mother name.
My main question is please tell me is this process is legal and correct way to buy the house in my mother name? If there is anything wrong in the process so please tell me because I want to proceed in a Legal way and I want to enquire one more thing is there is any tax Liability on any one and for your information in my past income tax returns tax is nil because my income is below taxable limit. Please tell me urgently. I shall be very thankful to you.
Regards,
CAclubindia
