Hand Loan from Father
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2011
I want to part pay the housing loan, for which I am planning to take hand loan (interest free loan) of Rs. 5 Lacs from my father. I wish to know following:
1. Does Income Tax Law/ Gift Tax Law allow me to take such hand loan from my father.
2. What would be the tax liability for me or my father.
3. What kind of documentation is needed to record such a transaction.
1. Does Income Tax Law/ Gift Tax Law allow me to take such hand loan from my father.
2. What would be the tax liability for me or my father.
3. What kind of documentation is needed to record such a transaction.
07 January 2011
In my opinion, show the transaction as gift .any amount of gift received from relative is not taxable,provided that amount should have definite source.
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