need advice

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Sharad Jain (Querist)
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15 May 2011 i need advice on gift tax and loan from my uncle....... one of my uncle i.e my father's brother want to purchase a property in my name?? so, he want to know what he has to do in this regard?? can he give me money as a loan which is never repaid by me or can he gift me a huge amount of money to purchase a property???? Is he or i m liable to report to Income tax authority????? In what format?????? what are the legal formalities in this regard we have to comply??????? Is any jurisdictional/ non jurisdiction document need to be prepare like gift deed etc...?? Is there any tax liability arises on me and my uncle?????????

Please reply in a suitable sequence.........

U S Sharma

U S Sharma (Expert)
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15 May 2011 ask him to buy a property in joint name with you, with 1st name as yours and 2nd name of himself, with a clear clause that after his dealth the property would belong to you only.

say you invested 5000 for that prpoperty and he paid 10 lacs, but this will get legal without any tax impact.

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