Money from father to buy house

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aryam (Querist)
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25 July 2010 Hi,
I got 5 L from my father to buy house.
How to show this money in income tax return filling?
If I want to show as loan from father,
do I need to create some documents?

Thanks.
-/Aryam.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 July 2010 First u will have to decide whether to show as loan or gift.

If gift then gift deed should be on a Rs. 100 stamp paper.

If loan then just take confirmation of accounts at the year end of the loan. This will suffice.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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25 July 2010 both are different you have to choose if you will be returning that amount then its shown as loan otherwise if gift and do as per adityaji said.

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DR GAURAV GUPTA FCA, FCS, LL.B

DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
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25 July 2010 no document is required bank statement is enough

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aryam

aryam (Querist)
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26 July 2010 so in return filling do I need to fill some column with this amount?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 July 2010 If u are filing ITR - 4 then in balance sheet mention amount recd from father as unsecured loan. If gift then not to show.

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aryam

aryam (Querist)
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26 July 2010 No, I will file ITR-1 or ITR 2

Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 July 2010 Then no need to mention.

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