Buying home with 50% amount of loan and 50% paid by father

Tax planning 259 views 1 replies

Hello Experts

I hope this is a best category to ask.

I am buying house which will have official cost of 20 Lacs. My father is going to give me 10 lac rs as a gift (which he is going to get by selling our house which was on name of my mother, so after her death i have a share in it) and i am going to get 10 lacs worth loan.

I want to know how to plan tax in order to avoid future problems of income tax.

How to receie money from father and paid to builder officially.

Plz help

Replies (1)

Any money received from your father as gift is not taxable in your hands.


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