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.
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.
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