The amount is allowable or disallowable
This query is : Resolved
23 November 2012
Dear sir,
whether allowable or dis allowable that the amount is borrowed from my relatives for build of my house as per income tax act?
Dear sir,
whether allowable or dis allowable that the amount is borrowed from my relatives for build of my house as per income tax act?
Pankaj Gupta
(Expert)
24 November 2012
If you have received the amount as gift then such amount is exempt from tax. But the income from such house will be clubbed in the hands of your relative and no treatment in your hands.
And.........., If you have received the amount as loan then the interest paid by you will be allowed to you as deduction. No clubbing will apply then. ie income from house will be taxable in your hands only.
And.........., If you have received the amount as loan then the interest paid by you will be allowed to you as deduction. No clubbing will apply then. ie income from house will be taxable in your hands only.
Soumitra Basu
(Expert)
24 November 2012
IS IT CORRECT TO SAY THAT IF I RECEIVED GIFT FROM ANY OF MY RELATIVE, THE INCOME OF THE HOUSE SHALL BE CLUBBED IN THE HANDS OF THE RELATIVE.
Pankaj Gupta
(Expert)
24 November 2012
yes it is fully correct.
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