Is it application of money case?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2013
My father willing to gift Rs.20 Lakhs to me by cheque by preparing of gift deed of Rs.100 and i will planning to invest this money in purchasing of House under Redevlopment project within 2 years. How this transaction will be seen from Income tax point from the point of my father return and to my return of Income Tax? What will be the implication when i will invest money entire in purchasing of property and made an advance to landlord within 6 monthsbof gift deed
12 September 2013
in brief, the money received from father won't be added to your income.
Also, there should not be any issue with you using that money to buy any property and for that matter anything.
If I am not wrong, the clubbing provisions shall also not apply. Other experts may correct me if I am mistaken here.
With regards to tax returns, kindly execute the gift deed and please keep the documentation readily available in case any query is raised by the tax authorities. As such the transaction would reflect in your tax returns in balancesheet.
Also, there should not be any issue with you using that money to buy any property and for that matter anything.
If I am not wrong, the clubbing provisions shall also not apply. Other experts may correct me if I am mistaken here.
With regards to tax returns, kindly execute the gift deed and please keep the documentation readily available in case any query is raised by the tax authorities. As such the transaction would reflect in your tax returns in balancesheet.
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