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
Nikhil Kaushik
(Expert)
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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