Easy Office
LCI Learning

Borrowing from parents for a flat purchase

This query is : Resolved 

19 January 2017 Hi All

Lets say i have income of 15L+ and for purchasing a flat i have borrowed 5 lakhs from my father and 5 lakhs from mother. both neft to my account. If so am i liable to pay tax for that amount. Will that come under my income. i want to pay this pack to my parents in future.

Is there any specific documents needed for this? should i say this somewhere in income tax filing?

Thanks in Advance.

20 January 2017 there is no income, you can show the borrowings in your statement of affairs as unsecured loans.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries