Hello all,
Consider the following family members A,B,C,D,E,F
B is the father of A
C is the mother of A
D is the brother of A
E is the wife of A
F is D's wife
A wants to buy a new property for which he has the following three category of funds.
x=> A's savings
y=> Public sector bank loan
z=> sum of all the borrowed funds from B(z1),C(z2),D(z3),E(z4),F(z5)
Is the gift tax applicable on z or individual components for z1,z2.. etc for that matter ?
Apologies for a tad long descriptttion but just wanted to convey all the relationships subject has and if there are any legal implecations
CAclubindia
