banner_ad

Income tax for new house down payment given by parents

Tax queries 185 views 3 replies
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.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details