banner_ad

Income tax for new house down payment given by parents

Tax queries 192 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  

Related Topics
Loading
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details