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Cash money received for house purchase

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nadeem (Querist)
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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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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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