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Income tax for new house down payment given by parents
Hi there,
I am planning to buy a new house. For it's down payment my parents will be paying me around 10 lacs.
Kindly guide me if I need to pay any taxes for it. If yes, is there any way I can avoid it?
Thanks in advance
Replies (3)
No tax liability in case your parents are helping you to purchase house....... by giving you loan/gift of Rs.10 lakhs by way of cheque/bank transfer.
Thanks a lot sir. Do I need to document it for IT Returns filling ?
If its gift you can prepare gift deed and keep it for your records, but no need to submit unless asked for. Only see that the bank transfer records/statements are properly maintained for about 7 years.
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