How to get money as a gift in a Legal way from blood relatives?

Tax queries 519 views 5 replies

munish

Assistant

93 Points Posted on 19 October 2020

Dear Sir/Mam,

First of all thank you to read my query. Please see the details of my query below:-

Actually I want to buy a House in New Delhi but I have only around 2 Lakhs in my Saving Account. The house cost is Rs. 30 lakh that I want to buy. With affection and love my Bhua and Chacha want to gift Rs.25 Lakh from their saving account in the form of Cheque by executing the gift deed. I want to get Rs.5 Lakh Loan also because I am a salaried person. With that money I want to buy the house in my mother name.

My main question is please tell me is this process is legal and correct way to buy the house in my mother name? If there is anything wrong in the process so please tell me because I want to proceed in a Legal way and I want to enquire one more thing is there is any tax Liability on any one and for your information in my past income tax returns tax is nil because my income is below taxable limit. Please tell me urgently. I shall be very thankful to you.

Regards,

Replies (5)

ayusmita

Tax consultant

5895 Points Posted on 20 October 2020

Gift from your father's sister or uncle is not taxable as they comes under relative
as you are a salary person income should be 25000 or above
age will differ for public to private bank of one min is 18 to 60 another one will be 21 to 70 or little bit above
private will ask you 3 months pay slip or in case of variable salary 6 month pay slip
6 month bank statement with salary credit is mandatory for all banks with 3year form 16 and itr
with 3 yr computation sheet
now my question is your mother a employed person?

rama krishnan

12244 Points Posted on 20 October 2020

Even if you purchase in the name of your mother there's no tax implications

munish

Assistant

93 Points Posted on 20 October 2020

My mother is not a employed anywhere.

ayusmita

Tax consultant

5895 Points Posted on 20 October 2020

If he purchased in the name of mother then he cannot get benifit of deduction of home loan as his mother has no source of income
even clubbing is in option but still in my opinion it's not best
better you co joint with your mother being the first holder