Purchase of house - tax liability
This query is : Resolved
16 February 2013
My uncle wants to purchase a house for Rs 22 lacs. He has Rs 12 lakhs in a bank and want to paid remaining Rs 10 lakh in cash which is unaccounted. Can he do so?
His wife has a jewellery which can be sold for Rs 10 lakhs. Can he paid the said money for purchase of the house. Is there any cap gain tax liablility on it?
Or can he borrow Rs 10 lakhs as unsecured loan from his relatives?
Or is there any othe way?
Pls advise.
His wife has a jewellery which can be sold for Rs 10 lakhs. Can he paid the said money for purchase of the house. Is there any cap gain tax liablility on it?
Or can he borrow Rs 10 lakhs as unsecured loan from his relatives?
Or is there any othe way?
Pls advise.
CA.Sourabh Sethia
(Expert)
16 February 2013
what you meant by Unaccounted money ??
its not in his balance sheet being personal money or what ??
its not in his balance sheet being personal money or what ??
Soumitra Basu
(Expert)
17 February 2013
He can sell the jewellery of his wife and pay capital gain ta. Later the money can be taken either as gift or loan.
He can take loan from friends or relative through cheques.
He can take loan from friends or relative through cheques.
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