My cousin is selling his house which has 20 lakh loan on it. As part of the deal, the buyer is going to pay off the loan. Will this amount be taxed by the govt? Also would it be better if the buyer puts the money in my cousin's account first and then my cousin pays off the loan or if the buyer directly makes deposit money to bank to clear loan.
The total value of deal is 36 lakh. For remaining 16 lakh the buyer intends to take loan from same bank where currently my cousin has obtained loan as it would mean less paperwork and speedy process
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