Payment of flat by family

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2015 Hello Sir/Mada,
I and my brother recently purchased a flat on under construction building for a consideration of Rs:15,20,650/- jointly.

Payment of the above were made as follows:

1.Rs:2,51,500/- from my 1st Sister A/c directly to builder A/c.

2.Rs:2,55,500/- from my 2nd Sister A/c directly to builder A/c.

3.Rs:6,01,650/- from my Mother's A/c directly to builder A/c.

4. remaining from our A/c.

So, i want to ask that the payment made by our sisters & mother is taxable for us?
if Yes, how should we do it.

Thank You.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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16 June 2015 Payments from sisters and mother's account may be treated as gift. Gift from relatives is exempt therefore it will be exempt. It will be better to execute a gift deed in favour of both brothers and it may also be mentioned in the gift deed that the gifted amount will be paid directly to the builder's account.

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Ankur Singhal

Ankur Singhal (Expert)
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17 June 2015 Dear if you do not want to execute gift deed then you can show the amount paid by sis & mom as loan in your personal balance sheet.
As getting gift deed registered seems a good option orally in practice it take lot of time & money.