Tax on money taken from sister
This query is : Resolved
NILKANTH GAJALELLU
(Querist)
17 May 2014
I want to know if we
. take cash from sister for prepayment of home loan then what will be the tax amount I have to pay. pls advise.
Sandeep Dharar
(Expert)
17 May 2014
I suggest to treat it as Gift. So it will b fully exempted from tax. Since gift from relatives is fully exempted from tax. This will save ur tax implication.
Nikhil Kaushik
(Expert)
18 May 2014
you may take it in any manner, still no tax liability may arise unless you start showing it as income..
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