Cash money received for house purchase
This query is : Resolved
27 June 2014
one of my client , has received money from its relatives (like father,mother,father's brother, etc) through cheque , and has in exchange of that money has purchased a flat of 62.5 lakhs . so how should i treat such money received in his IT return . he himselfs doesnt earns anything. is such money received taxable in my clients hand . should i show such money received as unsecured loan or gifts received ?
plz guide me
plz guide me
28 June 2014
the cash received from relatives is not taxable income. However, it is still advisable to show it as loan...
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