Purchase house from mother from bowred fundes

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2015 I WANT TO PURCHASE HOUSE ON MARKET RATE FROM MY MOTHER.BY BANK PAYMENT
THE REQUIRED FUNDS ARE BOWRED FROM FRIENDS BY CHEQUE AT MARKET RATE
CAN I CLAIM INTEREST PAID U/S 24 (1) TO FRIENDS
CAN MY MOTHER CONSTRUST ANOTHER HOUSE BY THESE FUNDS BY CLAIMING U/S 54
ER ADITI

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 December 2015 yes to both questions. However, please note if the borrowings are from friends, then you won't be able to claim deduction under section 80C for principal repayment

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2015 thankes i have not any requirment u/s 80c, as save sufishant fundes in my ppf
you have remove my long hadic
i think problem of famely transaction if dept has any mis consept at a later date

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 December 2015 at market rates, there is no problem....

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