If you're receiving a significant loan from family for a property purchase, it's wise to prepare for potential income tax inquiries. Ensure the loan is documented via bank transactions for transparency. You'll likely need a confirmation letter from the lender if authorities ask for clarification.
12 March 2025
I am receiving a loan of thirty lakh rupees, all in white through bank transaction, from family resources for buying a property. What documents shall be needed for income tax authorities in case a query is raised in future.