payment of property by brother on behalf

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Anil Kumar Kedia (Querist)
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26 September 2008 I have purchased a property and the some of payemnt was directly paid to seller by my brothr through his bank account and regisration of property was made in my name. What we (Brothers) should do as per IT rules .

Anil Kumar Kedia

Anil Kumar Kedia (Querist)
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26 September 2008 Is it any contravation of Income tax law?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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26 September 2008 There is no contrvention of any law in your brother paying the price of the property which you have purchased. You (the purchaser) should show the source as borrowing/gift from your brother as the case may be. your brother will show in his books as loan/gift as the case may be.

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