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House purchase

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(Querist)
14 January 2014 My wife and me planing for purchasing a house of twenty lakh, but my wife not have a pan card but she have gold jewellery gifted from her family and three lakh cash from her job and savings, my income from business is near about six lakh per year, please tell me how we purchase that house with out bank loan.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
14 January 2014 It is advisable to apply for a PAN Card in the name of your wife also. Start filing her returns also. Her jewellery is having an emotional value for her.
.

You are a businessman. By withdrawing capital from the business may have a negative impact on your business. The rate of interest on home loan is lower than the money borrowed for the purpose of business.
Looking to the available tax benefits, also, it is better to purchase the house
with bank loan.
.
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