Money received from father
This query is : Resolved
18 January 2015
Me and my brother want to buy a flat having 50:50 ownership under a loan. However the down payment will be made by my father of Rs 10 lakh. Thereafter me and my brother will pay the loan. My brother is not working yet so the bank will only sanction a loan on my name. I
request members to tell me if Rs 10 lakh given by my father has any income tax liability on us. and in future when my brother want to claim tax deduction ..can he claim that??
I am posting for very first time here.. forgive me if I have posted in wrong place
18 January 2015
The Rs 10 lakh given by your father will be treated as gift and there will be no tax liability.
If loan has been taken in your name your brother can't claim deduction.
If loan has been taken in your name your brother can't claim deduction.
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