Borrowing from parents for a flat purchase

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Shyam Achuthan (Querist)
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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.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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20 January 2017 there is no income, you can show the borrowings in your statement of affairs as unsecured loans.

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